<<<Could you even begin to imagine the massive shutting down of small businesses that couldn't find consumers with enough money to buy their product>>>
I don't believe that is a reasonable premise, fishweed, as long as the consumer status quo is maintained.
Otoh, I can easily imagine the layoff carnage if these "small businesses" HAD to give their minimum wage employess what amounts to an approximate 30% wage increase.
Just another case of damned if you dont... damned if you do.