CS people are probably in a somewhat unique position where that is somewhat possible. If you study something that isn't tied to a specific industry or where you need many years of training and certification to become useful that's not so tenable.
I can't speak to other times and places but in silicon valley in the late 1980s I went to a temp agency and looked for unskilled work during the summer - I don't think I ever came across any jobs that paid as low as minimum wage. One summer I was a "shipping clerk" (meaning: guy who gets stuff out of a warehouse and puts it in boxes) at Syva - that paid over twice the minimum. Another summer I did data entry for the Accounts Receivable department at Dialog - that also paid much more than the minimum, and required only rudimentary typing skills. And yes, naturally once I was a declared CS major I could intern at IBM, but even before that I didn't see a need to work minimum wage.
(Even McDonald's was paying more than minimum in my area.)
Yes one problem with minimum wage is that it is fixed across the country even though cost of living disparities are huge. The high cost of living in silicon valley pushes up wages even at the lower end, whereas in some rural areas it might even seem a bit high
For example in my hometown it is still possible to rent a flat with a friend for less than $400/month meaning single people can survive on very little
These easy opportunities aren't really available to my generation. :/ I was born in a poor rural area, and for a while the only job I could find actually paid less than state minimum wage. It's hard to pay rent and buy food on that little income, much less save up funds for an escape to somewhere with a better economy (which I eventually managed, but it took me 7 years).
Ok, so from the chart, on minimum wage you'd work 10 hours per credit, at twice the minimum wage you'd work 5 hours. For 2013 you'd work 60 hours at minimum wage or 30 hours at twice the minimum wage.
I'd say there's quite a difference between 5 and 30 hours either way?