We should look to our northern neighbor. Canada has done it right. It balanced its budget, lowered its Corporate Tax Rate, and raised its Minumum Wage. Its economy has done well. Its Unemployment Rate has stayed consistently low. It's exactly the opposite of what most Republicans claim will happen here. Most claim there will be some sort of calamitous collapse if the Minimum Wage is raised to a livable wage.
Right now, Canada's Minimum Wage sits at between $11-12 an hr. There's no reason why the richest nation on earth can't afford to raise it to at least the same. However, i would say it could go even higher. Because let's face it, $11-12 an hr. in today's America is pretty much a joke. But i know there has to be compromise.