Well, already my in-box overflows with good arguments. Aside from the policy issues — which I pretty much agreed with already — the political/strategic objection is pretty much the one I expected. “Settling” the minimum wage issue is like creating a perpetual motion machine: it can’t be done. Whatever settlement the right agreed to, the left would pocket and then outbid the next time. Index to X and they’ll say X+1 (or 10 or 100). And, once the right has conceded the principle, they’ll have even weaker footing to fight the practice. It’s not that taking the issue off the table is a bad idea, it’s that it’s an impossible one.
Update: Oh and I should also mention that since union contracts are often pegged to the minimum wage, the Democrats can’t ever agree to “settling” the issue without screwing their base/ATM machine.