Current policy debate among US lawmakers includes proposals for raising the minimum wage nationwide to \$15.
It is currently \$7.25 by federal statute, which is the amount in effect except in states and municipalities that have imposed a local adjustment, though no state requires as much as $15, and the federal amount carries no automatic periodic adjustment for changes in the cost living, nor even the value of the currency.
Some sources conclude that such a change is feasible, but a greater raise to as much as \$20 (by current value of currency) would be counterproductive, because it would lead to the elimination of many low-wage positions, harming not helping those who currently hold them. Other sources argue that the more aggressive increase is feasible.
How might the conflicting arguments be evaluated in mainstream academic economics schools, and how might systemic policy reforms lay a better foundation in the economy for a higher floor on hourly earnings while still ensuring adequate opportunities to those who stand to benefit from such changes? What relevant lessons may be available from countries with economies similar to that of the US, but with greater adjustment for inequalities in standard of living?