Since the elections in November and the news of the Democrats taking the majority I have been particularly aware of more news about the raise in the minimum wage. I hear a lot from people that the minimum wage should be increased and that people are getting taken advantage of. On the other side I hear how bad it would hurt business if the minimum wage is increased. I can see valid arguments to both sides.
However in my opinion I believe that the federal government should leave the minimum wage where it is and let the market decide. In fact I belief that is already happening. In a recent article I read it stated that business are moving more towards a bonus oriented form of wage increases. This does a couple things, first it allows business to be more flexible. Instead of increasing the wage a business can simply give monthly bonuses according to how company profits are. The second thing it accomplishes is an alignment of goals between businesses and it's employees. With aligned goals it will motivate employees to work harder so that their company is successful.
I personally fear for a mandated wage increase because our economy is somewhat delicate right now. I don't know if companies would be able to compete as well on the global market if the minimum wage is increased.