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McDonald’s has been under fire over its Practical Money Skills Budget Journal, a planning tool designed to help employees organize their personal finances. The tool’s sample budget fails to account for a variety of first-world expenses, leading to a predictable cacophony of folks calling for newer, fresher, more enlightened price-fixing tricks. Stephen Colbert channels the sentiments well.

McDonald's Budget

Sample Budget for McDonald’s Employees

On the finer points, it can be tempting to get into the weeds, and many already have. Some have focused on the budget itself, debating everything from the actual cost of heat to the necessity of a $100 cable bill. Others have aimed to play the CFO, imagining how Big Mac prices might be impacted if McDonald’s paid its workers the $15 per hour they demand. It’s all been thoroughly deconstructed, but rest assured, the next hypothetical is well on its way.

Yet as fun as all this back-and-forth may be, it misses the larger reality: Prices are not play things.

As economist Art Carden has pointed out, raising the minimum wage is likely to lead to a host of deleterious effects: (more…)