lpetrich
Contributor
Most likely a few percent.^
Just imagine what a salad would cost if farm workers got $15/hr.
This principle could be extended to replace minimum wages with maximum wages much less than the current minimum wage, maximum wages pegged to (let's say) 10% or even 1% of GDP. Consumers will LOVE that, I'm sure, because 0% of consumers' income comes from wages, right?