Not all inflation is created equal. Dont conflate demand push inflation with inflation caused by increases of the monetary base. Increasing min wage will lead to higher demand for goods which will increase prices. This will be the inflation until the market corrects itself by producing more goods.
As long as we're the generally accepted reserve currency technically, right?
Why do you think that job would have been available for you if the minimum wage were higher? If a business could afford 6 employees at $8, do you think it would mysteriously be able to afford 6 employees at $12 or do you think it would have to cut down to 4?
Areas that have raised minimum wage have often kept their staffing numbers after the wage increase (I'd say always - they've always in the reports I've seen but I'm sure there's some that go the other way too). More than likely because the same wages that cost them more also give them more business which then demands more staffing to account for it, I'd imagine. (Although the actual data hasn't ever had the reasoning explicitly stated in the ones I've seen)
If a business can't afford to pay its employees a livable wage that business probably isn't serving an important, or very needed function. Or it's run like shit.
Seriously... The example given though a very simple one illustrates a critical error in his thinking. Wages are not determined by company income. They never are, and never will be except for the CEO/Director types. Just because a company chooses to pay 6 people $8 an hour doesn't mean they can't afford 6 at $12 an hour. How many business out there make millions/billions of dollars, but refuse to give raises out? That's certainly not because they can't afford it.
I can relate to this, our overall GMAS when things go according to plan is usually 30-40% which is pretty damn good for business. If things always did that we could easily afford to give raises instead of bonuses, but if we gave every single person of our 900 front line staff even +$1/h and had a bad month we'd be at a loss instead of a profit (depending on client needs, staffing forecasts etc). Kind of a bit volatile when I look at it that way.
An article pointed out this week if you took the total profit for Wendeys and divided by number of workers they would $11/hour before they ran out of money and that inclues all works, not just the minimum wage ones currently.
There's also small retail stores as well. They're often run by the ownership a lot of the time as well.