Lifting minimum wage for 200K of 450K employees by $2 per hour
Will add 200000*8*365*2 = $1.168 billion in additional labor cost per year assuming 8 hr per day, 365 days a year job.
I listened to entire interview twice. Nowhere in the interview JC is mentioning 50/50 chance. That is something FT's misinterpretation or prediction.