Two important things to consider:
1. It will increase prices of products as well, so at the end of the day it's just a cycle where nothing really happens.
2. Do you actually think the same amount of employees will be employed if companies are mandated to pay them more? Many of them will lose jobs.
Minimum wage hikes tend to hurt two parties the most:
1. Small businesses, who are typically operating on rather small margins anyway. Unlike larger businesses, they can't easily move to places with lower minimum wage or offshore jobs.
2. Middle class, because they suffer the increase in costs incurred by minimum wage hikes, but don't benefit at all from it because they're already above the minimum wage.
Minimum wage increases try to tackle a real problem, but do nothing to actually solve it. Minimum wage should be adjusted in accordance with inflation and nothing else.
Isn't it widely known that doubling or tripling, say, McDonalds workers' pay, would mean that burgers cost something tiny like ten cents more? We don't really have to speculate though, do we? Look at the cities that have already raised the min. wage. They are just fine. and many of them reported an increase in the available jobs / decrease in unemployment. Whether that is correlation or causation I don't know.
But as far as I know, raising the minimum wage to a reasonable rate that allows a two member household to get out of poverty and off the State's welfare, has never resulted in an increase in unemployment, nor a noticeable cost to the middle class.
I don't know your politics, but it has never made sense to me why some conservatives feel that a higher minimum wage is a bad thing. If as a society we agree that letting someone starve to death is unacceptable, we have to accept the notion of food stamps/temporary assistance from the public in an emergency. And if we accept that, then a full time job should not qualify as a state of emergency for a family.....
I think there is this naive 1950's view that "Timmy mowing the lawns this Summer" is what a typical minimum wage job is like, but that isn't true. Only 50.4% of minimum wage workers are younger than 24.
50.4% are ages 16 to 24; 24% are teenagers (ages 16 to 19).
Mostly (77%) white; nearly half are white women.
Largely part-time workers (64% of the total).
Economists continue to debate the extent to which minimum-wage laws reduce poverty, income inequality and/or overall employment. What’s clear, though, is that after a three-step increase in 2007-09, today’s minimum wage buys more than it did recently, but its real purchasing power is about where it was in the early 1980s — and below its late-1960s peak.