Well, for the American economy to "blast off," there has to be more spending.

 Typically, the middle class gets saddled with a larger share of the federal debt pie under Republican Presidents, middle class earnings go down, and with less to spend, business revenue slides. This is why American stock markets typically do worse under Republicans than Democrats.

Look it up. 

Think of what the American economy would look like if there were no employees, just slaves (stop drooling). There would be very little middle class (mostly security types and merchants), and therefore relatively little recreational spending, the sale of items like dishwashers (the mechanical kind, not the human) would go down. If you are a slave, and you do not have an income, you won't be buying a car (the engine of the economy...).

If you eliminate minimum wage, you are encouraging slave labor.