You are right, our First Officers should have to maintain a second job and live with their parents across the country, increasing the possibility of them showing up tired to fly with me, because in your fantasy land a minimum wage would create some situation where the government would have to step in and limit maximum pay.
Oh wait, the government could step in right now and limit whatever they want...they are the government! One doesn't dictate the other.
If a minimum pilot wage were set contracts would not have to be renegotiated. If the law says pilots must be paid higher than the contract wage, it has to be paid, end of story.
To be opposed to any kind of quality of life improvement for the pilot profession on a political position that, frankly, isn't thought out, is counterproductive.