Thing is a US wide minimum wage (which is what this news is about) would be like an EU wide minimum wage. There’s crazy variation in living costs across the states.

Somewhere like California is pretty close to this amount already, the employers would just pay out an extra couple of dollars and everyone goes on as normal.

Where the effect in somewhere like the rural rectangle states would be enormous, with inflation skyrocketing, people probably losing jobs over it at smaller firms. People’s savings would lose value overnight. People who thought they had enough money to retire will find themselves forced back to work. If you’re a young person a $17 min wage sounds pretty great, but that’s not the only thing to consider.