In one of comedian Chris Rock’s routines, he observes: “You know what that means when someone pays you a minimum wage? You know what your boss is trying to say? ‘Hey, if I could pay you less, I would, but it’s against the law.’”
The humor works because, like the boy who cried “the king has no clothes,” Rock is stating something obvious which mostly goes unspoken: that if it wasn’t for such laws as the minimum wage, established to appease the militant mass workers’ struggles in the 1930s, bosses would reduce workers’ wages and benefits to near zero.
This is because workers’ wages come, naturally, at the expense of their bosses’ profits. Since bosses are in business to make as much profit as possible, they are compelled to cheat their workers out of every dime their labor creates, within the limits of the law.