I think that is the missing piece in all the minimum wage law proposals. It greatly devalues everyone making a similar amount to what the new wage would be. If someone went to two years of a trade school, their investment in increased earning power has been eroded. Eventually, these industries will have to raise their wages in order to continue to attract talent. This does mean that these industries will all have to raise prices to cover the higher costs. In the end, everything will settle down and the people with the higher minimum wage may actually have lost actual buying power. Rich people don't tend to frequent places where people make minimum wage. So raising prices in those locations mostly hurts poor people.

I think we need to just be smarter about helping the poor. How about we get rid of income tax for people under the poverty level (or multiple there of)? How about we give them some basic income to make up the difference? We can tax more on the high side to make up the difference. Also, giving poor people more fluid income will likely increase the velocity of money which should make rich people richer negating any increased taxation.