You're right. The labor of a lot of people isn't valuable. Does that mean as the cost of living rises above the value of their labor they should be left to rot in the streets?
You can have a social safety net. Tax those who consume more on themselves and divert that consumption to those who can't consume as much.
But don't distort the labor market to force some companies to pay more than the market value. That stifles innovation and the creation of better paying jobs.
Until 50 years ago the easiest way to earn more was to move to an area with better employment opportunities. Unfortunately there are many high paying jobs in places like California or New York that people can't take because of another market distortion called rent controls. These young people can't take a good job because there is no where for them to live.
Civilization, as we know it, will end sometime this evening. See SYSNOTE tomorrow for more information.