The small businesses will do what they always do. They will cut to the bone, invest in labor saving equipment (wherever possible), get rid of overtime and demand more from a larger pool of available labor. Contract, part-time work, parasitic work agencies are about to explode. More so, if possible, they will pass the increases to the customers by increasing prices and negating the higher pay advantage to those fortunate enough to have a job. That and higher taxes will take care of  any benefits.  The take home pay will actually drop, I predict. Finally, the under ground labor market will get a shot in the arm as will those willing to exploit low skill workers. All those things will happen because the economy is a fluid, living and thinking organism that always looks for ways to adapt and survive.