It actually creates poverty and the law itself is based upon erroneous assumptions regarding Labor Economics. It is shown to generate vast amounts of votes from Liberals who think it works. Its simply a mechanism to garner votes. If you really care about poor people, remove the minimum wage. It's counterproductive.
This would decrease the amount of revenue towards the federal government. Also, there's something called Interstate Commerce! You go to New York and the minimum wage is 7.25, but you go to Washington and the minimum wage is 9.19. The Minimum Wage differs based on which state you go to.