Why you don't set the minimum wage to $70K

[RolloTheGreat]

Yes, wages are stagnant and declining.  I showed you this in a link a while back (in the console thread as part of the car debate iirc).  and yes jobs are going to wherever the labor to perform those jobs is cheapest.

Do you see this as evidence of business owners wanting to keep all the money they can?

If you do, what I said about them making cuts anywhere they can to make up for the higher minimum wage probably makes sense to you.

Layoffs are the most likely big cut. It's easy math- two $15/hour people instead of three $10/hour people. Here in the States we saw it all over during the post 9/11 recession. Profits down, companies cut staff to maintain profit for owners/stockholders, remaining staff pick up slack and work much harder. And we saw lot of places cut benefits, not give out annual raises.

You can make the sub shop guy pay $15/hour by law, but most of it won't come out of his pocket, guaranteed.