Or, to force you into a false dichotomy, are you saying that back when hotdogs cost $0.05, increasing the minimum wage from a few pennies an hour two $2.00 an hour made all the difference in the world?
I don't particularly trust cutthroat employers, who have demonstrated their desire to do everything they can to undercut the salaries and benefits of their employees to expand a bottom line, to properly value and choose to provide the necessary income to give their employees humane standards of living.
Though I do think that a fixed minimum wage where you have to have to have heated debates every time cost of living changes about what it should be set to, is silly. If it's supposed to reflect the ability to achieve a minimum standard of living, let's at least set it dynamically against the price of a typical basket of goods; or use a different mechanism than a minimum wage altogether to achieve that minimum standard of living.
FTFY