I decided to elevate this from a Comment section, because I am interested in other's opinions. Below in the downhome economic theory entry, Serena and I discuss minimum wages. Here are my latest thoughts:
Been pondering this a bit, and I think I am going to go with Serena to the extent that I am not sure the ability to send your children to college should be part of Minimum wage, emphasis on the word minimum. It is asking too much, especially since a college eduation is really useful, but not a real requirement for decent life, like shelter and food, etc. This is not to say that our nation as a whole has no interest in everyone having the opportunity for higher education. After all, brains don't come with family money, and we are best off if our best brains, no matter their economic background, get into college. But the fact that our nation is better off that way is likely a separate question from government-mandated minimum wage. It should be discussed another day.
Now, I did pick up an Economics textbook recently, since I know nothing about economic theory. I came across an interesting point. It had an opinion arguing against goverment minimum wages, because it removed the opportunity for some to bid low for their services. I get the point. The reason that much of our production is moving to the Third World is exactly because they have the ability to bid low wage-wise. If they could not work for less, our work would not go there at all. However, there is a possibility that this is missing some information if it is intended to be a complete policy rationale. What I am thinking of at the moment is that it is middle class wealth that most benefits our economy. I don't mean of course that everyone must be average - that's borderline contradiction. What I mean is that the poorest share no wealth due to having to spend every penny to make ends meet. The wealthiest often share less because if I have 10 million or 11 million, will my spending habits change much? It is the middle class whom consumes such to drive our economy, and if a minimum wage moves more people into the class of those who consume, then that will benefit our economy.
These are incomplete thoughts, so completion is welcome.