After Huge Minimum Wage Hike, What California’s Economic Future Could Look Like

California lawmakers and labor leaders are cheering a new deal that, if passed, raises the state’s minimum wage to $15 an hour, making the Golden State the first in the country to do so. But labor experts are already warning that such a wage hike could lead to higher prices for consumers, more automation, and a drop in employment. According to media reports, lawmakers and labor unions reached a deal this weekend raising the statewide minimum wage to $15 an hour by 2022. Gov. Jerry Brown, a Democrat, formally announced the proposal Monday. More...