What's wrong is that reality doesn't work that way. If it did, we could just declare that the minimum wage was $500 per hour and everybody would be rich overnight. And of course, the IRS would receive a huge increase in tax payments as the average part time McDonalds worker filed an income tax return showing a $750,000 income.
But wages in the real world aren't set by somebody's declaration, they are set by what the value of the person's labor is in the marketplace, relative to the other choices an employer has. So if somebody selling hamburgers really cost $500 per hour, than the hamburger they are selling needs to cost something like $70.00. So the new McDonalds dollar menu would be the $70.00 menu. And a gallon of gas would cost something like $250.00.
Of course there would be a period of time during which prices had not adjusted to the new wage rates, and during that interval employers have to not hire people at the new wage rate. Instead of hiring they would either replace the employees with machines, or move the labor to somewhere where the employees cost less per hour. Like China or India.
If you look carefully at who benefits from inflating the wages of workers you only find one party - the Democratic party, because income taxes are not indexed for inflation. Right now the part time McDonalds worker pays very little in taxes. But notice that when their salary is inflated, as in my example, the federal government gets a larger share of their income. Of course the employee loses out, since the prices of goods they buy increases in parallel with the increase in their salary, but they now have to pay more to the IRS.
Artificially increasing wages only reduces employment opportunities for new workers, and masks the real problem which is ever increasing costs from government, and its distortions of the marketplace that burden all workers and businesses.
Would you agree that invaders and other unnecessary foreign labor is unnaturally depressing wages?