The market will dictate the pay rate. When there arent enough people willing to work for a set price, that price will automatically start to go up. There is no need to artificially inflate pay rates with a minimum wage.

On top of that if you give your lowest level workers a pay raise of say 20% you are going to have to give all of your employees a similar pay raise in order to maintain pay equity.

Again this translates into higher prices for everything and inflation for everyone. This most assuredly equals a bad thing.

Besides who really makes minimum wage today?