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I am sure there exists out there models that could suggest the optimal minimum wage. However, it's a complicated issue when you include overseas and immigrant labor.
IMHO something that might have a similar effect would be to increase the fines and the prosecution of employers that hire workers that aren't here legally. The illegal immigration debate focuses too much on those here illegally, and not nearly enough on those paying them to come here. Mitt Romney is a buggy program.Romney has said he supports pegging minimum wage to inflation, but recently backtracked, and he now opposes an increase.