Higher min. wage increases costs and disproportionately affects smaller companies, leading to closures in every region, country, state and city where it happens. This is also why giant corporations like Walmart even support it since it clears out small local store competition.
This doesn't mean it doesn't exist -- it's just a social construct, and a useful one depending on where your priorities lie. The salient point is that some societies value this concept and draw the line somewhere. If you believe governmental regulation exists to protect the people (at least a little bit), putting a lower bound on what companies are allowed to pay employees in your country/governed region is important.
> Higher min. wage increases costs and disproportionately affects smaller companies, leading to closures in every region, country, state and city where it happens. This is also why giant corporations like Walmart even support it since it clears out small local store competition.
this is basically the same point rehashed -- I can't say that I added too many facts, but simply implying that min. wage increases hurt small business without discussing the increase in goods purchased is a shallow assessment. When workers who are likely to spend money receive more money in terms of wages, they spend these wages -- this should mean smaller companies will see higher sales as well as big companies.
And again, what the economy is doing aside, if you cannot afford to pay a wage that enables your employees to comfortably live, you likely should not exist, find another business. Businesses that attempt to operate in this space are externalizing their costs to society at large -- people who work at these companies depend on social programs that are paid for the society at large.
> "if you cannot afford to pay a wage that enables your employees to comfortably live, you likely should not exist, find another business"
What's "comfortable"? Is this the magic and subjective livable wage again? Who are you to tell everyone else what they should be comfortable with?
Regulation isn't that simple. Not everyone agrees that the government controlling pay is "protecting the people" and many would rather have the freedom to make their own choices. It's purely academic thinking that simply raising wages fixes everything. It often does little but raise costs while also removing opportunities. How many goods are purchased when income goes to zero? How many social programs will they need then?
It's easy to say that businesses should close because of your moral attitude about a subjective number, but do you realize it affects the very people you claim to be protecting? Have you ever worked a min wage job or talked to people who do? Affordability and cost of living have nothing to do with wages and are rarely ever fixed with a min wage.
Employees are the biggest cost, and wages when multiplied by benefits and taxes can have an outsized impact over fixed costs like rent. Sure a business might not fire everyone, but it might start removing some shifts or move some employees to part-time instead. These little changes add up.
The greater point is that it's easy to say "the business model is no longer up to date" when it doesn't affect you. It's much different when your wages go to 0 instead because of other people who think they know better than you about what you need.