That’s one of those things people “know” that aren’t true. Moreover, jobs that don’t pay a living wage transfer a portion of those workers’ living costs to the government and the taxpayers thus increasing taxes and the size of government.
Most wages in the U.S. are above $15/hr and most companies provide health insurance and those workers at those companies all have jobs. The economy didn’t break proving that your argument that a living wage and health insurance will destroy jobs is factually false.
Increased costs are added to prices and the economy adjusts, perhaps with low-wage products declining and people buying other products. Work continues though possibly in different industries.
FYI, my degree included a minor in economics from Stanford, then I got my law degree.