Living in a country with a higher minimum wage, I'm gonna tell from experience what it does: increase the non experienced people unemployment.

No entrepreneur in his right mind would pay a salary to someone who can't produce more than what he is costing. And guess who falls in this category? Young people and people who have to change their line of work due to some sector being rendered useless.
Unless you have a really good education system oriented as to facilitate people's employability, you get more unemployment.

And the more unemployment you get, the less people are willing to try getting a new job, they cling to their current situation. At the end, you get an economy which is slowing.
See the current state of the southern europe states: that's where you're heading if you stay on course for the next 50 years.

[Linked Image from w3.the-kgb.com][Linked Image from w3.the-kgb.com]