No, but then it does not, and in fact does the opposite. It creates more jobs, albeit different ones. For example, we cannot compete well for unskilled manufacturing, not at $7.25 / hr nor $1 / hr. Countries with large peasant workforces are going to get that work. No getting away from it. But some cannot be outsourced, no matter how much a retailer would love it if goods could be rung up or stocked onto shelves, by cheap foreign labor, remotely. But they cannot; they have to hire locally. So the services sector is going nuts creating the bulk of new jobs, in our workforce, which has more workers today than at any time in history. But the wages are shrinking, so less is purchased in retail, reducing the need for other workers to be added. If we take the $7.25 and make it $12, then lots (millions) of jobs will be created. If we take it to $1 / hr, not only will we not compete for manufacturing, but the need for workers in retail, who cannot be outsource, will be reduced by millions.
Realizing a falsehood, as you urge, is merely embracing a delusion and not actually realizing anything.
