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[–] UncontrollableSphere 0 points 3 points 3 points (+3|-0) ago
If you double it instantly? Nowhere. Businesses fail. Everyone loses.
If you double it very slowly? Then purchasing power for lower income workers slowly rises, allowing them to spend more, thus increasing profits for businesses, which in turn gives them the ability to pay more when the next minimum wage hike comes.
Prices will rise, but not nearly as much as purchasing power. And the community as a whole will benefit: if someone isn't making enough to properly feed themself, buy clothes, go to the movies, go to restaurants, buy a couch, take transit, or see a dentist, then the community is losing possible revenue. But if they're earning more, then they're able to afford these "luxuries" and funnel much of their increased earnings back into the economy.