No, the minimum wage should be determined by each state and locality because the cost of living varies significantly between states. The majority of states (30) already have minimum wages exceeding the federal minimum of $7.25 and 6 of these states are over double the federal level. However, I wouldn't be opposed to adjusting the federal minimum every 5 years to account for inflation as the federal minimum would be over $10 if made commensurate to when it was last raised in 2009.
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