Workers are valuable to most firms, in a variety of ways. Minimum wage laws price unskilled workers out of their *first* jobs (plural).
Force a business to pay someone more than they are worth, and the business will go without. They will make do with fewer workers.
Right now, you understand, the unemployment rate is down because the labor force participation rate is down. It’s at a 38-year low, the last I checked.
No one knows what the black market for workers is, precisely. The same people who go all jackwagon about raising the minimum wage also love the illegals flooding in to do “the jobs Americans won’t do.”
Markets set prices. When government does it, it screws people who need a path into the labor market. Not everybody can start at $600,000 a year, like Chelsea Clinton did at NBC, though who could deny her immense talent.