Setting a too high minimum wage, “high” defined relative to the wages set by the law of supply and demand, forces many businesses to either close (since they won’t make a profit) or to automate. It cuts income to the poor and increases dependency on charities and welfare. One already sees signs of increased use of machinery to replace workers (restaurants getting rid of waiters taking orders, development of driverless vehicles), as well as outsourcing jobs to countries with lower minimum wages (eliminating perhaps most good jobs that can be performed by people with advanced education).
