[Shish2k]

Why use our imaginations to “think about it”, when we can look at the data and see what actually happens in reality?

The minimum wage has jumped up several times in the past due to government updates, and it has gradually shrunk over time due to inflation, and neither of those things has been particularly correlated with employment rates

[PredictorX1]

According to the BLS, workers earning the federal minimum wage or less represented only 1.4 percent of all hourly paid workers in 2021. Taking into account all workers (not just those who are hourly paid), this small fraction would shrink even further, so I wouldn't expect them to have much affect on the overall unemployment rate.