New jobs would be created that paid less than the existing minimum wage.
Some existing low skilled/low value jobs would pay less for labor.
I don’t think any existing jobs above minimum wage would be effected.
No, wages would reflect proper evaluated value. That is, a person would get paid what they are worth to the employer.
As disgruntled employees left, the value of employees would increase.
Just because a job requires minimal low skill to do an accepted job, a chief producer would be more valued. IE: burger flipper. As a burger flipper, I might be able to cook 20 burgers every half hour. But, say Clint N Suhks can cook 40burgers in 30 minutes...but not onlynthat, he can cook all of them without burning or dropping any, where I might drop a couple and burn a few. He would be worth more than I am.
As for people who make more than minimum, the dollar they earn would be worth more.
With the price of McDonalds burgers being affected by labor costs, let’s say aa burger costs $1.00 right now. If you made $20 per hour, that means you can work an hour to buy 20 burgers.
But, say burgers drop to $0.50 due to lower labor costs. You can now buy 40 burgers for the same hour of work.
So, with lower costs for products, your buying power increases.