The minimum wage will always be an insufficient wage. An increase in minimum wage will not bring people out of poverty, nor will it have a significant effect on income inequality. Increasing purchasing power by raising the minimum wage among America's working poor is only a short term solution.
The name of the game is career mobility. I think Obama should focus on education and job training, particularly for lifetime minimum wage earners. He should give them the tools they need to excel onward within their career. From a global context, matching skills to the needs of our evolving labor market will increase American competitiveness and strengthen the economy. It has nothing to do with wages, and everything to do with core competencies. While Obama's efforts are well received, I think his strategy is somewhat incomplete without more attention job preparedness and education.
"There is a tide in the affairs of men.
Which, taken at the flood, leads on to fortune;
Omitted, all the voyage of their life
Is bound in shallows and in miseries.
On such a full sea are we now afloat,
And we must take the current when it serves,
Or lose our ventures."
-William Shakespeare Julius Caesar