From what I understand, increasing the minimum wage will increase

The minimum wage should be deleted entirely

Please read about its origins and you'll understand that the concept was not born to benefit workers at all

Your theory seems to assume that everybody gets minimum wage. Think about who actually pays.

>>1874947
this is exactly what they are doing in germany apparently, do some research

the real issue is the lack of saving. consumption is cheap as fuck, but you are literally unable to save any money as a normie and work is hardly worth it because welfare niggers get almost as much as you do.

>So, my question is why don't we just decrease the minimum wage to a real low amount? Won't that also decrease the prices of goods; making everything cheaper?
Yes.

The problem is that it'll fuck over a lot of people in the short term even if it's the objectively right thing to do in the long term. It's hard to find a group of politicians who are willing to tank their political careers and social lives, and some vapid leftist will slither in ten years later and say "Hyuck hyuck, hey guys, guess what I just came up with :^)" and any benefit of the now near non-existant minimum wage is gone.

>>1874947
>why don't we decrease minimum wage
Because minimum wage is in place to help curtail the effects that mass poor migration has had that is resulting in artificial wage suppression. If there wasn't an artificial supply of labor we wouldn't have to worry about a minimum wage.

>>1874947
That only works if you decrease welfare and cut unskilled immigration, so it'll never happen in the People's Republic of America.

>>1874947
>cause them to increase the prices of their goods which will lead to no real change at all

This analysis only works if everyone makes minimum wage and 100% of product price was labor cost.

Raising the minimum wage doesn't create wealth. That is a fact. That's why if the minimum wage were a million dollars an hour, we wouldn't all be functional billionaires.

But the minimum wage does transfer wealth, and this isn't bad. Extended periods at the gini coefficients we're at have led to mass beheading.

Everyone below the wage now operates at the wage, people close to the new floor get moderate increases that tail off. This part isn't usually discussed but it does happen. Raising the minimum wage by a meaningful amount raises the entire lower end of the curve.

Let's say that they raise minimum wage an insane amount, 50%. Price of goods produced by minimum wage labor in terms of direct labor cost are 30% for example. These specific goods go up 15% in price. But you as a worker now have 50% more money. This more than makes up for the difference. Along with the fact that goods that aren't heavily dependent on minimum wage labor move even less.

But everyone is paying 15% more on that good, not just you that got the wage increase. So you're transferring money from people who's income was least effected by a minimum wage increase to people who are most effected. In essence you're transferring wealth from the wealthy to the non-wealthy.

It doesn't create wealth, but it does distribute it downwards. That's a fact and there's nothing wrong with doing that.