What Should the Minimum Wage Be?

There is a lot of talk the Minimum Wage should be raised.   It's rather easy to calculate what the National Minimum Wage should be based in Real Dollars.  For example in 1979 the Federal Minimum Wage was $2.90 an hour.   If we factor in inflation since that time and base it on 2013 dollars then the Federal Minimum Wage should be around $10.15 an hour.   Naturally some states should be lower or higher than this level based on the cost of living.