It’s not a panacea for poverty. I agree on that much but it ‘s still good policy. Just because 50 percent of those making the federal minimum wage are under 25 that doesn’t mean an across the board minimum wage increase to 15 wouldn’t benefit older folks who are making slightly more.

Also, putting more money into the pockets of young people is good for two reasons. One, it puts them in a better position to build wealth in the long term. When my dad was in college, minimum wage was equal to 12 an hour in today’s dollars. He paid his tuition with a part-time job and graduated debt free.

Two, young folks spend more of their incomes on consumer goods, so raising the minimum wage acts as a massive demand-side stimulus