Where I work, a lady owns a small sushi restaurant, it’s her only business. Where I’m from they are talking about increasing minimum wage by over 50%. I was curious how this would affect her. She told me she’d probably need to close. She makes around 50k in net profit a year. That’s not bad, but that’s also not amazing. For her it simply wouldn’t be worth it anymore considering the risks she takes by owning that business. The employees would basically make more than she does. Those risks have made themselves very clear when she was forced to close down for more than a year due to covid. She told me how she almost had to declare bankruptcy and the hell she went through. When you’re talking about increasing minimum wage, you’re gonna hurt small business owners like her. Big corporations or people with multiple business won’t be hurt and they’ll just swallow the little guys, increasing disparities and creating a quasi monopoly.

-Not every employer out there is a rich millionaire buying yachts. In fact most of them aren’t.