April 15th, 2026

Economists warned California not to raise the minimum wage to $20. They were wrong in almost every way so far, another economist says

California's bold move to raise the fast food minimum wage to $20 an hour has defied the grim forecasts economists issued before the law took effect. UC Berkeley economist Michael Reich found that job losses and business closures have been far more modest than critics warned. The episode adds fresh ammunition to the ongoing debate over whether minimum wage hikes truly cost workers more than they gain.