Wow, a single concept taken in a vacuum with acknowledging what happens to consumption and demand for products, or anything else for that matter, as a result of this change. What a novel approach! How did all the economists miss it?!
Demand will increase but not enough to make up for that much of an increase in the minimum wage, unless you resort to increase prices or decreasing the work force or hours
Please do show where you got these "statistics." Your ass is an acceptable answer as it's at least honest.
Probably from his computer.