[ctdonath]

May be the point, but is grossly unrealistic.

Wages trade value of work for currency (as a convenient abstraction from barter). If the work is not of mandated value, the employment evaporates as employers find other means of getting the work done.

Notice the proliferation of kiosk and app based ordering replacing live clerks, retail shift from brick-and-mortar to robot-augmented warehoused shipping, etc. Notice the flight of workers from expensive urban centers when "work from home" finally became a thing, moving to lower cost areas where higher minimum wages are less necessary (and thus supporting workforce leads to lower local cost of living).

Private employers are not in the business of supplying wages above their worth. If compelled, they will find whatever means possible to circumvent such compulsion.