This will reinvigorate business profit margins driving stock prices up. That's where it ends though because on the other side of the coin are workers expected to live off a wage they can't. So the consequences of abolishing the national minimum wage is poverty, or another way to put it is a more unequal society. It is in the interest of everyone to have people earning enough to live off. Remove this and criminal activity goes up, child poverty goes up, and the economy doesn't benefit from this. You only need to look at Scandinavia countries where taxes are high and minimum wages high. Go visit those counties and see how it is then you will see what you are saying only favours the wealthy and won't carry through to the economy.
I don't think you watched the video.
- Wages are the price of labour and like any market it is the economic law of supply and demand that determines the price.
- When a government artificially raises the price of labour through minimum wage laws the natural consequence is it reduces demand for that labour. i.e. The few who keep their job benefit from the higher wage, but the unseen consequence is that many will lose their job or never get hired in the first place. Surely a low paying job is better than no job?
- Industries increasingly employ automation to replace the low skilled jobs that the minimum wage has made too expensive.