Actually, I studied economics in college, I was a Finance major. I did much research on the topic of higher wages.
What needs to happen is let the market bottom out and correct itself. The invisible hand will fix itself, and prices will drop.
There is no invisible hand. There is no Randian God of Free Market. The sole idea of a free market is simply ridicilous and downright laughable. The whole thing is positioned in a bubble where the world exists on an utopian chessboard where the reality of things like monopoly, greed and plutocracy are foreign to all the players involved and there's an invisible hand
keeping the scale in balance. It's just batshit crazy.
Salt Upon Wounds, since you are the expect, will those making $9 or more get a raise too? Chances are a very small amount will. If you are making $9 or $10, doing ok, you will now be hurting because prices will rise.
Again, even if raising the prices of the goods to balance the raise of minimum wage was needed (it's not) it would be absolutely abysmal. And when I say abysmal, I mean i.e. if the price of a certain product is 100$ before the price raise, it would jump to 100$ and 13 cents after it. Of course, i'm using a hamfisted caricature, but you catch my drift.
Let's fix the economy before we actually make stupid decisions like this. Let companies fail. Allow new ones to come up. Stop attacking success. I know this is the liberal way, and it always fails.
You do realize that you just typed "Let's fix the economy
" and then followed it with "Let companies fail
But nevermind that. The overall socio-economical process of workers right, social justice, class struggle, wealth distribution, etc. that you call the "liberal way" is what's been progressively going on since the fall of the feudalism some centuries ago. It's what initially enabled humanity's collossal jump at the dawn of the renaissance and pulled us out of the millenia of stagnation known as the middle ages. The whole rhetoric of the american right wing can be condensed in a single snapshot of an average 16th century central european monarchy.
This is what happens:
It lays on the foundations where the capitalist elite tends to repress wages of the workers to the point that everyone except the owners of capital become essentially impoverished. This crushes demand at the same time that it makes the capitalist class ultra-rich, which makes a shit ton of people unemployed since less labor is needed to meet the reduced demand, and then because the capitalists don't need to invest in new factories or equipment, they blow up the economy risking all their accumulated wealth on ever larger financial bubbles because there's literally no other way for them to continue making money.
That scenario has been perpetually happening for millenias now. Greed is a bitch.