Sure.
The laws of supply and demand don't change just because you dictate the value of something. The true value of the wage is how the market will take it, with supply and demand. To raise the value of labour it's based, usually, on scarcity. When the economy is chugging along and people are hard to find, the value of the labour goes up.
What you're doing is putting a cap on what employers should do and pay. I believe everyone deserves a fair wage—don't get me wrong. I'm just saying you see what's happening now in the industry. Raising the minimum wage will put more of those people who we are all trying to help out of work, because it's happening right now.