The cost of living would also be much higher if minimum wage was $22/hour. A raise in minimum wage does not equal a raise in minimum spending power.

Many businesses will also cut some of their jobs because they just can't pay a minimum wage that is that high (but the job might be available if it was lower).

You might have an increase in spending power for the short time that it takes for the economy to catch up.

Look at Denmark or Sweden. Minimum wage is high, but it also costs almost $10 to buy coffee at 7-11.