The intention of "minimum wage" in the US is not merely subsistence level. FDR said, "by living wages, I mean more than a bare subsistence level-I mean the wages of decent living." [0]
The "iron law of wages" is instead an economic principle that wages tend to trend downwards until people are paid the minimum possible for subsistence. It's not meant to be a goal.
The "iron law of wages" is instead an economic principle that wages tend to trend downwards until people are paid the minimum possible for subsistence. It's not meant to be a goal.
0: http://docs.fdrlibrary.marist.edu/odnirast.html