The road to poverty is paved with good intentions

As a proposed increase to the minimum wage became part of the COVID Relief bill, then later scrapped, my subconscious pointed out a flaw in my thinking. I had a vivid dream where I was talking to numerous business owners who are a part of our vibrant local food scene. Many of these restaurateurs, farmers, and value-added food producers make $50,000 per year or less while paying the current minimum wage, or slightly more. Paying workers based on a wage ratio limit would not necessarily guarantee a living wage, so in the dream they were asking me what they should pay. What would be a competitive pay rate?