I don't see how that could possibly work unless every product on the market was reduced in price. If a company can't sell its merchandise, they aren't going to hire anyone--no matter how cheap the labor. Our economy is at the bottom of the barrel, and something like this could send it rolling into oblivion.
Those on Capitol Hill are living in a fantasy world. They don't understand how hard the people of the USA fight for survival. Lawmakers, with their fat paychecks, free travel, fancy dinners, stylists, and gofers, can't grasp what's happening to the rest of us.
Maybe if we reduce their paychecks to minimum wage for 6 months, make them pay for their own child care, their own transportation, their own meals, their own clothes, write their own correspondence, run their own errands, and pay taxes for every dime they earn, they might get a good idea of what's it's really like to be an American in this economy. Maybe then they wouldn't be so quick to consider cutting minimum wage to create jobs, attempting to force bills on us we don't want, or raising taxes.