On the surface, an increase in the minimum wage sounds good…
But the unintended consequences are devastating.
As a business owner and economic expert, I can tell what happens when the minimum wage arbitrarily goes up:
- It eliminates jobs.
- It hurts students looking for year-round part-time or summer full-time jobs.
- It reduces or eliminates entry-level job training.
- It destroys many small businesses.
- It speeds up automation … and more.
When technology becomes more cost-effective than paying employees, companies begin to replace their employees.
We’re already seeing this with self-checkout kiosks in grocery stores and other retail businesses.
Watch this great 9-minute interview with the former CEO of McDonalds USA, who clearly explains the problems created by a large increase in the minimum wage:
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