In the News Journal on December 31st, Bloomberg columnist Megan McArdle authored a cautionary tale about raising the minimum wage too far and too far:
A number of local governments are running bold experiments in completely uncharted territory. Like intrepid explorers before them, they may be about to strike policy gold – or get shipwrecked on the hidden reefs. It’s a good thing when local governments experiment with new policies, but it would be better still if everyone understood just how little we know about where they’re headed.
Read the whole thing (which was also published on Bloomberg): http://www.bloombergview.com/articles/2014-12-29/everything-we-dont-know-about-minimumwage-hikes