The effects of this is that marginally profitable businesses will go belly up resulting in a loss of jobs. The businesses that don't go out of business will look to maintain profitability by either reducing staff, replacing staff with machines or both.
The biggest loser will be those at the bottom of the economic who need that first job in order to gain experience, those poor underprivileged yutes that liberals supposedly care so much about.
Usually those who advocate for a way above market level minimum wage have never run so much as a hot dog stand and should not be taken seriously.