It's a bit more difficult than that.
Agreed - I was giving the 2 cent view. But what you say is the reason that Minimum wages cost jobs, and do not create them. It is a nice gesture to "give" people more for the same work, but if it becomes unaffordable, then the employer just does without. And the person loses the job.
stevendedalus
comment 73
Tell that to the Founding Fathers who got rich on the back of slavery.
The Founding Fathers were not subsistance famers. Do you even know what subsistance means?
Also not technically true. The reason slavery disappeared in Europe before there was a war was due to simple economics. You invested in a slave (think of them as machines if you want), so you protected your investment. WHile you did not pay them a salary, you still had to cloth and feed them (and provide shelter). And keep them healthy. Slavery was not a means to wealth - the owners were already wealthy (and that is why they could afford slaves). It was a way to force workers to relocate to where the jobs were or the work needed.