Maybe raising the minimum wage was never a good idea and we should instead consider a wage cap that taxes heavily those that make above some insane figure everyone should be happy with... $10m a year? That seems generous enough for now until someone turns the money printer back on.
But think about the poor people with only ten million dollars, how will they face inflation when in ten years their $5 carton of eggs that they don't purchase is $8? :(
You could make it a function of a median income of some sorts.