I fully endorse Posner's suggestions to cut the minimum wage, but I do not see that happening with the present Congress. My favorite approach it to try to stimulate the economy by cutting income taxes, especially corporate income taxes and other taxes on capital, both physical and human capital. Such tax cuts will stimulate investments in the economy, and in this way increase the demand for workers.
The minimum wage is a job-killing policy but it sounds so good -- somehow magically everyone can earn more money! The truth is that many do see their wages bump up a bit but many folks also lose their jobs. And these are people who're working at or near minimum wage level. So, the poorest are the most harshly affected by this policy.