That assumes that the segment of the population that purports to be 37k/yr better off does not experience immediate downward pressure on product prices because another competitor did the same thing and is ready to undercut the going rate. Static analysis fails to consider the potential of deflation, additional business failures and additional unemployment. The WalMart effect on small businesses is a continuing example in the retail space.
That's the flip side of ignoring the multiplier effect of money in an economy.
The "static analysis" or zero-sum economics was traditionally the realm of liberals, wherein the only way for one person to make money was to take it from someone else. It appears the globalist neo-cons have adopted a similar theory regarding labor costs, seeing only the short-term benefits, while ignoring or rejecting the long-term negative effects on an increasingly consumer-based economy.