There’s been a lot of resistance by some businesses and lobby groups to the Ontario government’s plans to hike the province’s minimum wage to $15/hour. They claim it will cost employers $13 billion over two years and put many jobs “at risk.”

What they haven’t mentioned is that corporate profits in Ontario are now at record levels and at all-time record shares of the economy. Meanwhile, wage increases continue to stumble along at rates close to inflation, which means no real wage increases at all for most workers.