Humanists say yes, economists say no. Mostly.
Here is a readable bit on why this might be a bad idea. In any case it'll be nice to have some experimental evidence to look at.
It is useful to note that minimum wage isn't immediately increasing to $10/hr. It will increase to $9/hr on June 1st, 2014 and will increase to $10/hr on January 1st, 2016.