I think $7/hr. would be an appropriate minimum wage at the moment. It needs to be even higher. The problem is that absent consumer spending rate increases, such a minimum wage will cause an increase in product prices. There's a definite problem with the US minimum wage, though. Hey, I'm all for skimming a few $$ off the top of over-paid union labor prices, if we can find a legal way to do it and not wind up in the bottom of the Chicago River.
In order to keep the minimum wage increase from hurting consumer prices, I vote we also enact a federal maximum wage.
Say, $50 Million/ year. I can see no reasonable argument that such a wage limit would hurt us any at all. It would also save corps. the money spent in bidding wars for CEOs.