The Oligarchs supported by the GOP would be overjoyed going back to the turn of the 20th century where there was no minimum wage. In fact I do not believe there was a minimum wage until the New Deal in the 1930's. The market set the wage. It was whatever.
My mother-in-law used to comment that she worked for $13 a week back in the 1920's. And if I remember right she worked for that wage for many years. A loaf of bread was 5 cents. That was a good job.
Think about it competing in an international labor market where wages are as low as $1 a day in India dismantling big ships is a real winner for these oligarchs. The new minimum wage is just too much money to pay people they are not worth it.