The point is to provide a reasonable standard of living for minimum wage workers according to CURRENT PRICES. But in capitalism, having things like weak workers laws, weak competition laws and weak laws against profiteering, results in companies laying people off and raising prices in retaliation, even though they comply with the minimum wage hike. So in essence, forcing people to comply with one law makes them break others. It's basically one way to inflict inflation upon one's own nation. There is a point, overall, to help the poor and struggling citizens, like myself, who is self educated because I can't afford an education, yet my self education cannot serve as a foundation for getting a job that requires a university degree, which is the catch 22 in itself. In Capitalist countries they do raise the minimum wage periodically, but then loopholes in the system allow for companies to just raise prices, which is against socialist type laws like competition laws which prevents monopolies and price fixing cartels(especially by multiple large corporations which end up influencing the prices of other large, medium and small businesses across the board due to the mechanics of macro-economics), rent control(which prevents landlords from hiking rent by more than say a few percent annually, because there have been cases where people would pay say $1500 a month all of a sudden next year they hike that tenant's rent to $3000 a month because of huge demand in the area and people willing to pay increased prices, leading to people becoming homeless because they didn't have enough time or notice to financially plan to move or get another place in time or were barely making ends meet already and had debt), so on and so fourth, while legal bribery like campaign contributions and "lobbying" have a huge influence on keeping these laws weak, yet in place, so people can't say wait a minute, we don't have anti blood sucking laws, to which the corporations and government would say: Yeah we do. It's right here. And that would shut people up, even though the laws themselves are weakly enforced or not enforced at all, and for a country like the US that prides itself on being an effective police state(check the statistics in terms of percentage of white males over the age of 12 having been arrested), it's unusual not to enforce something when you have an unhealthy obsession with "enforcing".