Same as paying $10 minimum wage to unskilled workers. It will kill the market for entry level jobs, and we'll have even more people dependent upon government subsidized by a shrinking taxpayer base.
So why didn't it kill the market for entry level jobs back in 1968, when the minimum wage (adjusted for inflation) was equivalent to $10.74 in 2013 dollars and unemployment was at only 3.6%?
Why hasn't it killed jobs in the individual US cities and states that have raised their minimum wage above $10.00 an hour? Why haven't the states that have higher minimum wages than the national minimum (though not $10.00) experienced catastrophic job losses? Why hasn't it caused massive unemployment in countries that have a higher minimum wage like the successful economies below?
If the minimum wage kept pace with a living wage required to just barely keep a family of four above the poverty line (in 2011 dollars) on a full time job it would be at
$11.06 per hour.
If the minimum wage kept pace with personal income growth in the US, it would be at
$21.16 per hour.
If the minimum wage kept pace with the vastly increased worker productivity in the US today versus the past, it would be at
$21.72 per hour.
If the minimum wage kept pace with total national income growth, it would be at
$22.08 an hour.
If the minimum wage kept pace with consumption growth since 1968 (because we've got more than just transistor radios and black & white TVs at home now) it would be at
$25.05 per hour.
Workers are far more productive today, have more expenses, and there's more personal and national wealth to go around, but you don't think they should even raise the minimum wage to below the amount needed to keep a family barely afloat at the poverty line? While it would be much more fair to adjust the minimum wage according to consumption growth, national/personal income growth, productivity, average wages, or a living wage, we don't even adjust it for the bare minimum of inflation like we do with other programs like social security/disability, food stamps, and the poverty line.
If you don't want people to be dependent on the government, you have a funny way of going about it, because while a relative few get wealthier and wealthier, a lot more are being left behind. Minimum wage is not just the wage of teenage kids at their first job any more, it's become the norm for more and more adults trying to support families. If you don't want them collecting government benefits, then the companies and business owners which are greatly benefiting from their worker's vastly improved productivity need to take better care of their employees.