It is the gospel for many cash-strapped college students who are fed a steady diet of economic theory and social engineering by professors that aren’t economists and tend to lean toward socialism: Raising the minimum wage raises everyone’s lot in life.There is little doubt that increased earnings tied to increased productivity lifts people’s economic lot.But the wholesale raising of the floor — especially in large steps — backfires at worst and ultimately ends up as a wash at best.Appearing on the California ballot in November is a measure to increase the state minimum wage from $10 an hour to $15 an hour over a five-year period. It would be ratcheted up $1 a year until it reaches $15 in 2021. That’s a 50 percent increase in 5 years.It took 9 years from 1997 to 2006 for the minimum wage to double to $10.It took 21 years from 1976 to 1997 for the minimum wage to double to $5.It took 16 years from 1947 to 1963 for the minimum wage to almost double to $1.25.No one in their right mind is going to argue that $10 an hour is a head of household wage for California.But minimum wage jobs were never designed to be much more than that — jobs that are minimal in terms of skill and experience needed.