A lot of you simply don't understand cause and effect in the market, and only justify context using absurd numbers. It's like this: If there is no minimum wage, the market WILL speak. But the market is not the beast on a leash. The market will consume everything. The market is not, "good for americans". The market is "good for business". Business is not America. Business is global. Businesses are like independent entities. Businesses WILL start offering 3-4$ wages. People WILL take those jobs. It will justify other businesses to follow suit as competitive economics effect prices. A 1$ hamburger will become more important than a 4$ one, because workers have less access to pay for one. So businesses will have to cut costs, and lower wages. This is a spiraling effect that goes into the good paying jobs as well. Do you honestly believe that professions that make 30$ an hour will be unaffected? No. They will also lower their wages because the alternatives are way lower. This basically takes money out of everyone's pockets. Lower wages doesn't affect employees or businesses. Lower wages effects the economy as a WHOLE. It doesn't make rich people richer or poor people poorer. It shifts the bell curve from a 35k per year mean income to a lower figure. This in turn effects credit, purchasing power, property value, overseas trading, etc. Think about it. Just imagine, if we kept all the job rates currently what they are, and just introduced 30 years of no minimum wage. That means Johnny can't buy his friend's car. Or he can't afford insurance. Or those highschool kids can't afford to go to the mall or see movies, or get pizza. What is the result when a quarter of the country suddenly can't afford anything? Businesses have to lower the price of entry. What do businesses do when they start losing revenue? Do you see where this is going? It's a spiral. Now put it in a global context. You know how China is always buying our roads and buildings etc, etc. Imagine what happens when those roads and buildings suddenly start making less money.
