“While minimum wages may increase the amount of money in one’s pocket, they ultimately end up with less buying power. Because those higher wage costs get added into the products and services rendered.”
Tell that to those who want to erect tariffs to increase wages in the US. I’ve had ‘fair traders’ tell me that a rising cost of goods won’t be a problem since everyone will have more money.
I would have to receive a pay increase just to recoup the additional health insurance costs now being incurred since the enactment of ACA (Obamacare). That alone has resulted in a reduction of my current pay.
False claims of no inflation have also contributed to further reductions in my current pay, as food costs keep rising.
Even actual lower costs of oil are also exacting its toll. As workers in the oil industry, either directly or indirectly, get laid off and start collecting food stamps, they are being paid for by those of us who still have employment.
There are many more examples, but that will suffice to make the point.
Tariffs promote domestic industries and have nothing to do with wages. Tariffs are also a source of revenue based on consumption as opposed to the income tax. Tariffs also are uses as retaliation to closed markets, which describe almost all foreign markets.