system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5 If the US raises the minimum wage to $15/hr, what's keeping inflation and/or cost of living from skyrocketing?
gpt
The fact that every other raise in the minimum wage has resulted in the price of goods increasing by $0.10-$0.25 on average for every $1 the wage was increased. There will be some inflation, but it is more than offset by the new purchasing power of those getting the increase. 

Now if you were to suddenly double the pay everything would be in chaos and all but the big stores with large volumes of business would not be able to keep up with labor costs as there is a lag between when you start to pay people more and that money gets spent on things. But if you ease into it with say $0.50-$1.00 increase a year you will not run into that trouble.