Nain, I get your point. But I guess I'll throw in two things:

1. Who is going to set the wages? The government, or the people who start/run businesses? I'm not going to argue that all regulation is bad regulation, but when it comes to wages, government fiat isn't the best way to set them.

2. The best thing that can happen to low wage employees is to have a labor shortage. If you have a job, want a raise, and are denying, your life only improves if you can find another job that will give you one. The level of job growth in this country has been poor since 2008, and that's [[in my humble opinion) the largest driver of wage stagnation.