I think it would be important to consider the effects of what abolishing minumum wage would do. First off it would allow many mega corporations to pay drivel to their workers and more money into the pockets of already filthy rich CEO's. This would eventually culminate in businesses paying people maybe a $1.50 an hour and making those who are fresh out of college forced to work unlivable wages. People would have to literally live in huge homes together without choice and struggle to live decent lives. For those that want more they would need a college degree, but that shit costs money (actually that's the way it is now) meaning that people have to indebt themsleves to greedy banks just to waste their most productive working years learning stuff, just to get a decent paying job.
All in all I think that minimum wage should be increased to a living wage standard, something like $10.00 an hour so that the average American out of high school can work hard and stilll support themselves through reasonable means.