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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Finance

The problem with raising the minimum wage to $15

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Anne VanderMey
Anne VanderMey
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By
Anne VanderMey
Anne VanderMey
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August 24, 2015, 1:00 PM ET
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Minimum wage activism is having a moment. To most people, raising base pay for workers to $15 an hour sounds pretty good. Pew’s latest poll says 73% of Americans agree. And now New York Governor Andrew Cuomo is pushing for statewide $15 minimum wage for food workers, and presidential hopeful Sen. Bernie Sanders introduced a bill that would institute the minimum nationwide. But there are big variations between what $15 buys on average in the U.S. and what it buys in West Virginia (a lot), or New York (not much). A nationwide $15 minimum would be disproportionately burdensome on rural businesses. New York politicians may like it, but what’s good for the Big Apple may be bad for the country.

A version of this article appears in the September 1, 2015 issue of Fortune magazine with the headline “You say potato, I say $15 minimum wage.”

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