
I think minimum wages should increase and I think if you work 40 hours a week you should be entitled to have food, shelter, basic amenities (phone, hygiene products, electricity), and transportation cost to your job as a citizen. The problem is wages won’t make the prices of these goods stable. So I don’t think raising the minimum wage would fix most problems. Business that have labor costs problems will close or reduce hours. Prices will increase to reflect the change.
Minimum wage is not really saying “all jobs should pay this at a minimum”. What it’s actually saying is “no job should exist that doesn’t earn at least this much”. That’s a big difference. You are essentially dooming low skilled individuals to perpetual unemployment because no job will hire them.
Wouldn’t the business just increase the cost to adapt to the higher labor cost? I think it also drive businesses to seek automation which smaller businesses probably wouldn’t have the same ability to pursue. To me it makes more sense to leave it to states and have it gradually increase I don’t have a super strong opinion on it though.
I didn’t say it would magically destroy all small businesses. Just that it would hurt them. Small businesses operate on razor thin margins which increases in minimum wage would cut into. So they would either have to raise prices, fire employees, or close. I don’t really care if any of that happens but a lot of people do.
I think instead we should prioritize changes to the housing sector and becoming food secure again. Farming in the US imo is getting decadent, so we will need reforms there. Make firms accountable for the strain they put on our electrical grid and put money into our infrastructure. I think those would do more good than just raising the minimum wage. It should raise but it won’t do any good if we don’t fix the above.
That video (which I watched before making my argument) proves my point. Farming is getting decadent because of the financial incentives. Private Equity, Land Speculation, and the financial squeeze on smaller farms make farming worse. When the Agriculture business makes less money on agriculture and more on the financial sector, then yes Farming is getting decadent.