That’s an indirect effect, not a direct effect. Prices are an indicator of what the market will bear. This is why McDonald’s cheeseburgers are around $1.50 in many markets in the US while Big Macs are roughly $4. If McDonald’s could get away with charging $3 for the regular cheeseburger and $6 for the Big Mac they would, but they understand the volume would drop significantly if they did. The reason wages, which are simply a price, go up “organically,” is for two main reasons - scarcity of appropriate workforce or abundance of dollars. Artificially raising the “price” of wages contrary to these natural market forces and indicators doesn’t increase the volume of dollars in circulation pursuing other goods. The net effect will ultimately be the same volume of consumer purchasing power in the economy as companies lay off their sub-$15 workers to maintain their margins, as the market won’t support price increases, especially in light of increased unemployment. What happens in these cases, is usually some sort of Keynesian government currency manipulation program to “pump more money into the economy.” These take the form of government make work projects such as in the New Deal, increased welfare, “stimulus” packages and even just straight up market tinkering through government contracts or “tax credits” (disguised corporate welfare) to large corporations. As more money is pumped into the system, inflation occurs and prices rise as more dollars enter the marketplace.