Its a ripple effect. It would hurt most small profit high volume businesses like mcdonalds or fast food places, or service jobs like janitorial services, lifeguarding, etc. Businesses that only operate on 8-15% margins it would severely hurt them.
The other businesses will be hurt when , as stated before, your $10/hr employee now, sees their $7/hr employee get a $2/hr raise because.................so we should expext everyone elses salary to increase proportionally =INFLATION.
If minimum wage was $50k a year, do you think milk would cost $4/gallon? buying power is congruent to dollar valuation. Minimum wage should go up because the market demands it to go up, not because Obama says it should.
businesses are SMARTER than government.