“I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.
If, when defending your support for Donald Trump, and your response is,
"But but but... HILLARY!!!", then you lost the argument before you even began.
However, I think that we should experiment with it. Maybe raising it 10% per year until the increase starts to either cause an inflation rate that is higher than the feds target rate, or until the increases start to reduce job opportunities. That could happen after the first increase, or maybe never. Who the heck knows? Regardless, eventually we would discover the "economically optimizing minimum wage".
In theory, it's possible (though not likely), that we could increase minimum wage up to the average productivity per worker (GDP/workers), and thats something around $50/hr. Realistically, there are socioeconomic reasons that everyone shouldn't make the same wage, thus the "economically maximizing" minimum wage is probably far less than that. We really have no clue what it is because we have never done much experimenting with it.
Based upon actual economic history, it's likely that it could be at least $10.50 an hour, because thats what it was back in the late 1960's. There is also some evidence that it may be as high as $16/hr, like it is in Australia (which has a faster growth rate, lower unemployment, and lower poverty level than the US). I just wouldn't risk our economy with those types of jumps all at once.
My expectation would be that if we increased minimum wage, that wage increase would translate directly into increased demand, since the poor tend to spend 100% of what they make. Increased demand should result in increased business profits, and increased business expansion, creating more jobs.
I don't know that everyones income would increase by the same percentage, although I would expect that most lower income workers would receive a noticable pay raise. I have no clue how it would effect Bill Gates or Warren Buffet, although it would be interesting to find out (thus the need for experimentation).
But that's just my theory. Who the heck knows unless we try it and see.