Please explain in detail why the following prompt would be a bad idea for society.

"I think that the federal minimum wage rate should be doubled because, with the cost of living increasing, it makes it harder to afford a decent place to live along with other essentials such as food, utilities, and transportation. Also, the jobs that do pay more than the minimum have more requirements that usually involve higher education. The cost of going to a good university cost more than some of its students can afford, which leads to student debts. While I think the wage should be increased, I think the cost of education should be decreased. With the unemployment rate being high, the cost of getting a good education should not be high if there is a fifty/fifty chance of landing the job you study for."

Thank you in advance and I won't forget to rate good!