Yep. That's the way it is. But nobody has to be working for low wages. So when nobody applies for those jobs it's a win all across the board.This is crazy. Raising the minimum wage means fewer jobs and/or higher prices. If you force higher wages then the employer has to find ways to make up the difference in higher labor costs. Generally that means higher prices that in some industries results in fewer jobs or less hours worked or lower benefits. And in some cases the employer goes out of business and none of that helps the economy.
There is a basic rule in business that money flows to where it makes the greatest return on investment. If the expected profit isn't enough to make the enterprise worthwhile, then you won't get new business startups or business expansions and that is definitely not good for economic growth. That's just the way it is.