The effects will be far reaching. I believe there are certainly jobs that adults are doing that are not fairly paid. Living wage can be difficult to define though. A family with two adults and a couple kids certainly can't make it today on two minimum wages jobs. Yet, because a kid is in HS working at McDonalds, does that mean he/she should get paid less than an adult doing the same job? But, I also believe you shouldn't think you can do little and get by if you are very poor at your job. But, then what do we do with many of these people? There are certainly workers out there who just don't cut it on the job. Mostly their fault, but there are legitimately those who just struggle to do a job. If you've ever supervised anyone, it's not hard to let go the guy who doesn't try and screws around all day. But the person who gives their all and still can't get it done is really hard to let go.
Bottom line is that we in American must be willing to face higher prices for everything if we want higher minimum wages and Made in USA products. We can't compete with China in manufacturing and frankly automation is better than many of our workers. I believe we're at a tipping point in which we've either got to decide to take on that burden of higher costs or we're going to end up subsidizing a not so insignificant percentage of our population because we won't have jobs for them. And I don't know how to change that?