Yes, because mathematically it makes no sense. If you take money from a business to give it to employees, who then return it by buying products, then at best you are breaking even.
On the other hand, if they aren't buying everything from their employer, then it is simply extra cost that must be made up somewhere, either by hiring fewer employees, reducing hours, or charging more for their products, among other measures.
Proponents of the minimum wage are ignoring the fact that businesses adapt, which means that the extra cost of this legislation will not be paid by them but by either customers or potential employees in one way or another.
There are two ways to write error-free programs; only the third one works.