Speaking from an overall economy perspective, 60% of the workforce is paid hourly and 5% of all hourly workers are below or at minimum wage. (Bureau of Labor Statistics). Therefore this affects 3% of the workforce or about 3.8M workers. This increase represents 13 billion $. Since the US GDP is 15 Trillion this is 0.1% of the GDP.

Agreed this can have an affect on an individual but anyone who wants to argue the overall economy impacts either good or bad is simply not good at math.