Costs will go up due to companies trying to make up the difference. When you making $4XXbillion in sales annually, you can afford to raise wages. Costs will go up in order to adjust to the new wages, but it won't go up to to the point where it completely wipes out the extra income gained from increased wages, if anything, the raising the min wage to $10/hr - for inflation, the real wage would be considered around $9.25/hr. After a quarter or two, the increased wages and prices will be the norm so it wouldn't be to out of the ordinary.
(Disclaimer: My numbers are based off of an pure example for illustration. I, in no way, have the statistical analysis to back up the wage numbers that I've used.)
i see where you are coming from and it makes sense for sure. but you have to remember the effects that this would have on small businesses as well as the fact that a company like McDonalds could very well do away with the employee who takes orders and replace him/her with an ordering screen like at a Sheetz for example. in the end, it's all economics and everyone has a different view. it just seems like people in here think if you raise minimum wage to $15, then this chick is gonna bank the extra profit and she's gonna have all the same costs. it just doesn't work like that. even if it benefits her, which it very well could, it's not going to have as large of an impact as people think it would.