A couple things I want to add to this: 1. Prices are not going to rise as much as people are leading us to believe for two reasons. First, labor costs constitute a smaller and smaller portion of business costs each year, so an increase is not going to jump the price by the same percent, not even close. Second, there is still a price point that people are willing to pay for their goods. It might squeeze out some certain established businesses, but will reward businesses that are flexible and innovative. 2. It will not impact employment rates and might even improve the labor pool. People are still needed to provide the services that currently are in the minimum wage zone, those aren't going away. And increases those wages will attract people that are quality but are otherwise sitting out of the labor market, while also decreasing worker turnover. 3. The final thought I have, and this is more intuition than empirical, is that an increase in minimum wage will be a huge positive for economic activity. An increase in money for people on the lower ends of the economic system gets spent at a much higher rate than an increase in money for people at the top. More money leads to more spending leads to more demand leads to more businesses meeting that demand leads to more jobs. It is a very positive cycle. More money in the hands of the wealthiest goes into more idle holdings, leading to lesser demand than would be positive.