Should be a fair wage, but it’s not always a fair wage. In reality minimum wage will always lag behind inflation if you keep raising it to chase it.
Say minimum wage is $10
I work a job
Now, what is the company going to pay me?
$10
Fair wage is $12 for the job, but the business is only required to pay me $10.
In perfect economic conditions, I could go find another company that’s willing to pay me $12, but we all know someone struggling at the bottom can’t just simply switch jobs.
So the people that want to increase minimum wage want it to go to $12. To make it fair.
I’d say let them get $10, then tax the company and make sure the person gets $12, maybe even $14 if they need it.