Tying the min. wage to a calculated living wage (wage adjusting to inflation) is what people really want, but its more fun to have a political/economical/moral argument about it every 40 years.

Your point is the reason why I think it is foolish to raise it without further legislation. For a while it will be great for workers. Businesses will adjust. Small businesses will suffer a lot, but people will start spending more and some will survive. A lot of other things will happen I am sure, but I do not have the time and the opportunity cost of spending the time is too great for something I have little say in. However, once we experience some growth, and everyone gets comfortable, due to overspending and risky credit/loan lending practices, the economy will depress (unless there is another technological boom which will prolong the inevitable). People will lose jobs, the steady inflation will continue and people will become impoverished again, and we will see another cry for an increase in min. wage (worker stimulus).

I leave you with this: In 1930 something when the min wage was introduced, it was something like 25 cents, and just this year (2015) we have states raising their min wage above 8 dollars an hour. Over 80 years and this wage battle has seen 22 increases and while this has not kept up with inflation, it is still a continuous problem.

Instead of increasing it reluctantly, why not index it and try that. We will increase the min. wage. That's not even a question. How about we actually make a difference this time so that people feel that their purchasing power increases with the economy? As you say a dollar today is worth more than a dollar tomorrow.