A Simpler, More Politically Insulated Way to Calculate Minimum Wage

I was originally going to write this as a comment to this diary by benamery21 , but felt I needed more room to expand on my idea.

http://www.dailykos.com/story/2013/12/23/1264811/-A-Simpler-More-Politically-Insulated-Way-to-Calculate-Minimum-Wage