I had a discussion with a girl I know about minimum wage (idk what her politics are exactly bc she's inconsistent but if I had to guess I'd say soc dem) and she was saying Biden's plan to increase the minimum wage to $15 by 2025 was the most ambitious plan in world history. She explained that with $15 min wage the US will have the highest minimum wage in the world, this was the best way to do it bc if we switched to $24 min wage overnight then small businesses would completely shut down and leave a large amount of the workforce unemployed and allow corporations like Amazon to take over.
I'll admit I'm newish to leftism and didn't really have an answer to this. Is there an argument from the left against this? also sorry to mods if I posted in the wrong place, wasn't exactly sure where this should go
Of course monopolies exist, but I was speaking in general. Like Amazon or Walmart or Exxon are huge firms but they are not monopolies. As a socialist, and at least under capitalism, I would rather firms be owned by workers rather than either capitalists or the state.