I believe the Federal Minimum Wage should be set equal to the inflation adjusted 1968 minimum wage ($11.12) and adjusted annually based on CPI data.
I believe states and municipalities should retain the right to set their own minimum wage equal to or higher than the federal minimum adjusted for regional cost of living.
I worked my way through college, 1966-1970 on minimum wage jobs.
The minimum wage has been around since 1938 in the US and is used in all modern countries. It has been raised 34 times and nearly all states and many municipalities have their own minimum wage. While it is a hot partisan topic with economists lining up on both sides of the issue, it's widespread use and historic data seem to indicate more positive than negative results.
Card and Kreuger make a strong defense for setting a wage floor. They show results from natural experiments, like their New Jersey study, indicate hikes to the minimum wage do not lead to a fall in employment. In fact, they claimed, a number of studies showed that the minimum wage had a positive effect on employment and economic growth with little impact on business success or poverty.
A large majority of Americans, about 75% in most polls, indicate they favor raising the minimum wage. Americans favor a moderate increase now with automatic increases tied to inflation.