1. If a business cannot pay its employees a living wage, it literally doesn't matter if you decide that "an employee's value is less than the wage".
2. If a business cannot pay a living wage, and has to cease existing or has to automate, let it cease to exist or automate.
3. "Cannot compete with third-world countries that offer shit wages and shit standards of living, and are ruthlessly exploited" really isn't an argument you want to present when advocating against minimum wage.
4. Price fixing !== setting minimum wage to a level that lets people, you know, live.
This is fairly ruthless towards the victims of this ideology - those that live in the communities left literally destroyed after manufacturers pulled out and those trapped in chronic unemployment.
You can use emotive and loaded terms all you want (slavery, indentured servitude, exploitation), but the real-world negative human consequences and rather racist outcomes of these ideals are on full display for everyone to see.
Sorry but that's moving the goalposts to safety nets. We're not talking about that.
Minimum wages still cause many of those negative human outcomes (chronic unemployment, lower mobility, rural towns full of unemployed people, and so on) even with safety nets. Safety nets + no minimum wages would provide a much better humanitarian outcome than safety nets + minimum wages.
And even if it didn't (which it does) this ideology is still responsible for significant human suffering and racist outcomes in the US right now, and is being pushed by zealots irrespective of this suffering.
This is fairly typical of ideologies, no matter the actual human toll, the ideological vision must come first. I suggest you to visit a town that has faced factory closures and see the actual human toll to make this all a little less abstract.
2. If a business cannot pay a living wage, and has to cease existing or has to automate, let it cease to exist or automate.
3. "Cannot compete with third-world countries that offer shit wages and shit standards of living, and are ruthlessly exploited" really isn't an argument you want to present when advocating against minimum wage.
4. Price fixing !== setting minimum wage to a level that lets people, you know, live.