Eliminate the minimum wage, and you take us straight back to the 19th century and before. If the idea of having your 10 year old children compete with for your job, or working in the most horrific working conditions known to man, then by all means abolish all labor laws. Dog eat dog you know, and if I can make you, or your children my slaves, I will, and there wouldn’t be a single thing you could do about it, because I would have the authority of the government you elected to back me up.
This scenario has been playing itself out since the beginning of time, the predator vs. the prey, master vs. slave, king vs. serf, ruler vs. subjects, etc.
Be careful of what you ask for, because you just might get it.