[DialOne]

Labor costs account for 15-20% of costs in a fast food restaurant. A doubling of the minimum wage (currently $7.25/hr) would necessitate at the minimum a 20% spike in prices at the retail level just to cover labor costs, but since the wage law would also increase costs at the distribution and production levels, food costs would also rise.

Wouldn't be any $15 burgers at McDonalds but a 40% increase in prices is likely. Expect that $3.50 Big Mac to cost $5.00 What about the suppliers? If the price of Big Macs double and your paycheck increases by the same amount, how have you gained anything? Not to mention the fact that everyone who has anything saved just lost half their money.