You realize people DO get a better education and STILL can't get 'better paying jobs'? Or have you been missing all the reports coming out about this issue?
As for working more hours, there are people who work 2 and 3 jobs just to stay afloat, unless you want to squeeze more hours into the day, or people to, you know, die, working more hours is NOT a thing.
Personal experience: I work 12 hour night shifts, all nights, in a rotation. I am only allowed to do that time because technically I am full time, UNLESS it is an extreme need for someone to work, then I can be called in. So in some circumstances, extra hours just aren't allowed, either.
I have friends in security, they work - because they are so short staffed - sometimes 12 or more days in a row; know what happens at the end of that? They are EXHAUSTED, they get sick. And then they miss work. It's called burnout. I had it, burnout is NOT fun.
So no, "get an education/work more hours" does NOT solve anything.
You're right, it wasn't.
It was designed to be a bare minimum that people would be paid for their work.
Then society changed so that it IS the only income that a family has (single family or mom/dad family) which should logically suggest that the idea of it should have changed.
It hasn't.
Minimum wage is now the excuse the 'affluent' of society have to not do a damned thing to help anyone at all.