Minimum wage has a plenty of historical proof behind it but that never makes any difference in our political debates. So why do we even bother with crap like this? If it creates jobs it'll be ignored; if it kills jobs it still will be ignored (and dismissed since it won't fit with history.)
Sure, you can raise the rate to higher levels eventually everything will go up in price as well with no net benefit; however, the world isn't that simple. Since the USA exports nothing and imports everything the impact won't be evenly spread as imports continue to be cheap and the 1 or 2 exports will rise in price (ignoring weapons export industry because that is special.) Local medium and small businesses will be at a disadvantage against larger business which can/do import easily --- but that isn't a whole lot different than today where most the big import friendly businesses have killed off smaller competition already.
As far as teen jobs paying enough to live on, those are no longer teen jobs--- there are simply not enough jobs to go around and that problem will continue due to outsourcing, automation, and "free trade." One can't try to maintain the past because that situation no longer exists today. Also don't forget, inflation is no longer reported (because it is got too high) so almost everybody is NOT getting enough of a raise to compensate for the inflation losses. I've never had a pay raise that even matched inflation; one has to switch jobs.