I rarely read the Washington Post, but in today's issue they have a great article by George Will on not raising the minimum wage. Here is one quote that puts it in perspective. "Of the 75.6 million paid by the hour, 1.9 million earn the federal minimum or less, and of these, more than half are under 25 and more than a quarter are between 16 and 19. Many are students or other part-time workers. Sixty percent of those earning the federal minimum or less work in restaurants and bars and are earning tips in addition to their wages."
Just found another great article on CATO's site. Good quote: "Hong Kong has no minimum wage but is one of the most prosperous economies in the world — because it is also the freest.
Economic freedom, not minimum-wage socialism, is the key to reducing poverty, as China is learning. If legislators really want to help the poor, the best thing they can do is abolish, not increase, the minimum wage."