Comment: Sorry just noticed this

(See in situ)

Sorry just noticed this

Sorry just noticed this reply.

The uber rich actually benefit from minimum-wage laws since it wipes-out competition from small-businesses and mom&pop stores, due to increased cost of goods, which cannot afford to increase production to maintain stable levels of revenue or cannot go for automation.

The small businesses either reduce production and therefore profit or go out of business completely. In either case, it is effectively an increase in total employment. We'll be basically helping the crony capitalists grow richer by harming the middle class and the poor. Or it plain economic terms, minimum wage helps only one section (that it didn't intend to) by harming all other sections of the economy.