Clearly, arguendo, if it was worth while to have a minimum wage then it should be indexed to either inflation, or some other measure selected based on whatever was used to support creation of minimum wage in the first place. One could and should say the same about AMT. It makes no sense for AMT not to be indexed. So yes, it makes no sense for minimum wage not to be indexed.
That said, I'd prefer our government spend it's time breaking up monopolies that monopolize labor rates, vs. setting a supposed minimum bar for the worth of supposed minimum value labor in this country. It seems to me minimum wages are an excuse for government to forgo their job of breaking up labor rate monopolies.
I agree, and thank you for granting that for the sake of argument at least.
When you say "monopolies that monopolize labor rates" to which entities are you referring? I apologize if you have explained this already. This thread is massive.
Couple examples at two extremes:
1) Corporate executives that set their own salaries based on the salaries of other corporate executives, and do so using a board of directors selected from said other corporate executives. This all to the exclusion of input from the owners of said companies (the stock holders).
2) Labor rates for everything from farm pickers to software engineers are manipulated by the largest corporate employers, said employers exchange pay rates, discuss pay strategies and collude to achieve lower average pay rates and set scales across their various industries.
Granted these are oligopolies. But the same applies in situations where a company like walmart comes into a town runs all the small businesses out of business and thus monopolizes the wage rate for that town by being the only store in town still in business.
Really it's hard to find a single profession where there are no monopolies & oligopolies fighting behind the scenes to reduce labor rates.