Quote Originally Posted by Suppressed Poet View Post
Focusing on this statement and let’s ignore everything else about economics just for a moment….

If the true value of uneducated & unskilled John Doe’s labor is only $X, which is less than $Y minimum wage…Sure raising the costs of the merchant’s goods or services to keep John Doe employed is an option. And let’s go on further in fiction to pretend that all merchants take this action instead of hiring less people like John Doe. Now everything costs more for John Doe. That minimum wage increase did absolutely nothing to truly benefit him.

I recommend reading Basic Economics by Thomas Sowell. That’s just one highly accomplished & recognized modern economist, but there are many others you can pick from that are way smarter on the subject than either you or me. They all pretty much universally agree that price fixing (which is what minimum wage essentially is) does not benefit anyone. It’s something certain politicians pander to get votes from the ignorant.
Except a John Doe isn't the only recipient of increased wages. A healthy economy is one of sustained growth. A 2-3% inflation rate, gains in productivity, gains in employer wages and return on investment for the company as a whole. What does an increase in minimum wage due to benefit an employer? It puts more money in the hands of it's potential customers. More income and discretionary spending for the lowest 50% of workers means more money spent on goods and services.

An increase in minimum wage /is/ offset by increased prices, which in turn are met by increased discretionary income. Only your Republican formula of wonder and sunshine says only employer earnings should increase, while prices raising and quality/quantity of goods are decreased to increase profits. Look up shrinkflation.