Actually, the social security cap has been well over $100k for at least ten years
Benefits Planner | Social Security Tax Limits on Your Earnings | SSA , but yes, having that cap is foolish but removing it won't fix the fact that those with social security as their primary income in retirement would be on the street if the minimum wage goes up to $50.
And yes, who will study and work their ass off to be a mechanic if they are making the same wage as the burger flipper? If they are making double or triple what the burger flipper makes, then they'll want that after the minimum wage is raised.
Australia's minimum wage is AUD23 and change
The national minimum wage | Fair Work Commission (fwc.gov.au) which works out to about US$15. The tax rate there is quite a bit higher too
View attachment 301174
The bottom line is that if the minimum wage goes up, then the cost of goods increases as well. Where do you think the Big Mac Index would be with a $50 minimum wage.
Working time required to buy a Big Mac in cities worldwide 2018 | Statista
As you correctly noted, the minimum wage has nothing to do with the income of a CEO - but European CEOs also get exorbitant compensation. I know a Deutsche Bank exec who took early retirement at 800k Euros a year - but with a $50 minimum wage, that would be like $100k a year once the new cost of living is calculated.