If it was only the minimum wage, I wouldn't have even mentioned it. Nixon clamped controls on what produces could charge and prevented wage increases as a means of controlling inflation.
For the record, I disagree with your assessment of the minimum wage and basic economy. I've never heard of unregulated Capitalism. Did we actually practice that at some point? Certainly hasn't existed in my lifetime.
I like clean water and clean air too.
Actually, there have for as long as I can remember, been certain controls on a minimum of basic consumer goods. By unregulated capitalism, I mean, capitalism left to its own devices, without wage laws, without OSHA regs, without child labor laws, etc. Apologies if that wasn't clear.
Clean air and water is good, but unfortunately has been made into a fairly ignorant partisan issue of the past eight to ten years.
But it's exactly those things, which I think reasonable people can agree on, that I would hope form the basis for at least some compromise.