Minimum Wage:

The labor market, like any other market, is subject to the forces of supply and demand. If labor is being undervalued, this indicates a supply/demand imbalance. You cannot correct a supply/demand imbalance by simply setting an artificial price floor in the market.

You have to look at why more people are selling labor than buying labor. When you do, you realize that there are many unnecessary barriers to starting your own business and hiring employees. There are many people out there with good business ideas who are not pursuing them. They might if there was less friction in starting their own business.

But how much does increasing demand for labor increase wages?

Case study:

Williston, North Dakota. (2010ish if I remember right? During the oil boom.)

North Dakota's minimum wage was the federal minimum wage of $7.35/hr.

The local Walmart was hiring positions starting at $18.50/hr. The cost of living in North Dakota is very low. This is more than a living wage. This is how much Walmart had to pay to attract any workers because there were so many options for employment in the area with the recent oil industry boom.

This didn't require any new minimum wage laws being passed. All that it required was a strong economy. Fix the economy and the labor market will thrive.