If you look at the amount of entertainment you can get from a used cheap desktop computer and internet connection along with the low cost of at home production of marijuana/alcohol I think it would be disastrous socially and economically.
Maybe that is overly pessimistic but I'm far more in favor of minimum wage elimination with government wage substitution up to some higher livable minimum and in the case that someone can't find a job the government acts as an employer of last resort creating some sort of busywork that has some social benefit.