The Minimum Wage: Good Intentions…Destructive Consequences [Video]

Craig HueyEconomicsLeave a Comment

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:

What do you think? Write me at [email protected]

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