Assuming everyone could make a livable wage, then tax bases would drop. There wouldn't be a need for or would be very limited need for safety nets. Quality of life for people in general would go up and we would likely see drops in things like drug and alcohol abuse and abortion rates.

However, many corporations would struggle. It would impact the entire economy. Many companies depend on keeping wages below poverty level to maintain profit margins. (For example, the company I work for depends on food banks and social programs to feed the workers instead of paying them enough to buy their own food. Typical wages of a composite material layup technician are around $8.25. And this is skilled labor, not McDonald's workers.) In that way, the economy would lose it's safety net.

Overall, to play the stock dividends, double-digit growth games that much of our economy functions on these days, there always has to be a category of people below poverty level.