It could also result in a higher rate of demand, increases in business sales, expansion of business, increased profitability, more jobs, more production, and more wealth production.
We have had enough history of increases in minimum wage that historic evidence exists to prove which set of possibilities is the most likely to happen. The past is the best predictor of the future.
“If we must have an enemy at the head of Government, let it be one whom we can oppose, and for whom we are not responsible, who will not involve our party in the disgrace of his foolish and bad measures.”
- Alexander Hamilton. Spiritual father of #NeverTrump
How about less hours worked, and less new hires? That or higher prices are the options.
And if an employer does NOT do that, they are less competitive and eventually may lose out to competitors because of higher operating costs.
The left does this for votes, and if it punishes capitalists at the same time, so be it.
No matter WHAT our wage floor is set at, machines are the way of the future...AUTOMATION is the way fo the future. Which would be fine by me, honestly, with the exception of ONE tiny little problem. Machines don't buy stuff.