In this video, I report on the recent findings of a survey by Harri showing that higher minimum wages mean employers cut hours and raise prices. This is obvious to most of us, but still, many can't comprehend the fact that profit is going to have to level out or the business cannot compete and eventually will fail.
Major monopolies like McDonalds and Walmart can manage just fine by cutting jobs and raising prices minimally, but the average small business cannot compete in such a market. As the market is restricted, they stop reacting to the individual demand of the populace based on the best product at the best price. Instead, it's simply those who can prevail as the government takes their money and forces them to lose vast amounts of profit that wins. Obviously the major corporations can better manage such a situation.
The problem isn't wages, it's inflation. The vast printing of currency and the price of living inflating alongside vast regulations and taxes make it impossible for individuals to properly, fairly prosper in life.
People seem to miss that purchasing power is affected. If you raise the minimum wage, prices go up and employment goes down. Things level out. The number on your money becomes larger, but the buying power stays the same if not diminishes as all fiat currencies eventually revert to zero.
This misconception perpetuates the very thing creating the problem in the first place. Mass centralization and control of the populace and it works out perfectly for the government. A populace in poverty and debt is a populace dependent.