You can't live on $7.25 an hour either. There'll just be fewer people employed now. Idiots.
There will also be inflation as the labor portion of American goods goes up - further exacerbating trade deficits. Also with the plague of mandated health insurance being signed into law by republican governors (democrats soon too) entrepreneurial ventures will be discouraged - who can afford help, health insurance and both sides of social security.
That sound you hear is the economy going round and round - down the drain.