The Minimum Wage Magic Number

If you make minimum wage, you probably will not be buying a Tesla anytime soon, but you’ll be making at least a little more in California and New York. Legislatures in both states passed a $15 minimum wage yesterday. Seattle and Los Angeles have approved similar citywide laws. There’s pending legislation in about a dozen other places across the country, and there’s a call to raise the federal minimum wage to $15 dollars an hour. How did that become the minimum wage magic number?