We currently have monetary inflation and low interest rates to stimulate the economy which apparently doesn't look like it worked. What I hope we get is deflation to fix the imposed imbalances, which will make minimum wage incomes worth more. The other option is continuing to print, which has been why the minimum wage is so low. If gas was 1$ again we wouldn't be harping about the minimum wage.
The downside to end the printing is higher interest rates and a severe recession in the short term, which we have avoided twice inside a decade with inflationary policies. Either way we have to hit bottom, clean out all the trash, and move on. The current path enriches the top at the expense of the bottom and old folks who were living on cd's.
The minimum wage purchasing power sucks from our elected leaders and the banks financing a trillion of government related debt per year with funny money, but it keeps them rich and in power. If they did the right thing, they would be defunded politically and removed from office. History says they will continue to debase for as long as they can, unless there is an uprising of an informed populous. We don't have an informed populous, so it's frog in a slowly heated up frying pan for us, unless something changes.