What positive effect would be accomplished by abolishing the minimum wage. People don't actually have to be rational let alone moral actors. Do you really believe the middle class should be taxed to provide benefits for people that are working so that their employers don't have to pay more in wages?

That is literally what is happening now and there is no reason to suppose that in the absence of benefits that wages would be adjusted upward to compensate with any degree of expediency.

The people of our nations are precisely stupid enough to let the economy crash and burn as has been previously shown.