Plenty of folks would be perfectly happy flipping burgers instead of going to college, so there would be fewer qualified folks for the positions which currently pay 70k, so those salaries would go up (since supply would be going down), so some of those businesses would go bankrupt, etc.
A burger flipping job isn't a bad job simply because it's paid badly. It's boring, unfulfilling, tedious and people don't respect you for doing it. People would still go to college to get jobs that have those things.
Arguably a high minimum wage would mean no one would want rubbish burgers any more, so perhaps burger flippers would have to retrain as chefs. That wouldn't be such a bad thing.
> It's boring, unfulfilling, tedious and people don't respect you for doing it. People would still go to college to get jobs that have those things.
Ha, they'd give up on years of income and pay tuition for that? Nope, I think a lot of people either wouldn't care enough, or just wouldn't be able to afford the opportunity cost. For many of the people whom a 70k minimum wage would affect, college is a financial investment, not a route to lack of tedium as an accountant or whatever.
