Morally, giving to each according to his need sounds like a fine idea. Although we would need a set of rules to determine which people have the greatest economic need (so that employers don’t discriminate based on race/gender/religion/other things that aren’t connected to economic need).
		
		
	 
Such a scheme would also be good for family life, as mothers would not feel compelled to divide their time between raising the children and earning a living. Thus, the size of the labor force would be reduced. This has tremendous benefits for those who remain in the work force.
Unfortunately, feminism has made this concept entirely unacceptable in American society as of the 1960s. “Equal pay for equal work” after all.
	
	
		
		
			Economically, it would make it exponentially more efficient for companies to hire teenagers (and/or people who need work the least), so the family man will have a tough time finding any work at all. I’m not sure how to get around that hurdle.
		
		
	 
If the family man chose to work at a McDonald’s flipping burgers as a career choice, you’d have a point. However, for skilled jobs, that would be a different story: skills come with experience. While, sure, there in theory would be a preference for experienced, educated, trained people who were single vice married…how much do you think that would actually come into play?
	
	
		
		
			A valid criticism as far as having a single, national minimum wage, but it doesn’t really change whether a higher minimum wage is a good idea. I don’t think there are very many places where one can live on $7.50 an hour with any degree of comfort or security.
		
		
	 
Here’s the bottom line: wages come down to being a moral argument. It all comes down to the following quote from Leo XIII:
Let the working man and the employer make free agreements, and in particular let them agree freely as to the wages; nevertheless, there underlies a dictate of natural justice more imperious and ancient than any bargain between man and man, namely, that wages ought not to be insufficient to support a frugal and well-behaved wage-earner. If through necessity or fear of a worse evil the workman accept harder conditions because an employer or contractor will afford him no better, he is made the victim of force and injustice.
This is, first and foremost, a moral argument…and should be regarded in that light.
Most employers that I have had experience with want to pay their employees a fair wage, as they recognize that if they underpay their employees, there won’t be anything preventing an employee from moving elsewhere…where that employee 
can get a fair wage. However, let us consider greedy employers for a second:
Let us consider the case where the CEO is reimbursed handsomely (some may say “excessively”), while paying his employees little more than the minimum he can get away with. Even if you were to eliminate a CEO’s pay, chances are that it would not make a significant difference to his employees. Let us consider a hypothetical case where a CEO makes $20M a year and has 100,000 low wage employees (this wouldn’t include any kind of middle managers, obviously). Assume that the CEO was forcibly stripped of all his compensation: $20M / 100K = 200 per year. $200 per year / 26 pay periods = $7.69 per 2-=week pay period. Even if you did that to the top 5 executives (assuming they each made $20M per year), that would still only work out to $38.46 per pay period.
Let us consider the case where the company is making an excessive amount of net profit and paying that out as high dividends to the stockholders. Do you think the stockholders are going to be satisfied with less profit? Hardly. (Keep in mind that most investments today are done through institutional means, so individual investors are really divorced from the companies that they own). So if a mandate forces a pay raise and the net profit is impacted, the institutional stockholders may mandate other means to keep labor costs in line – such as increased use of automation to reduce the labor costs. If that is not possible, consider that they would raise the prices of the products or services they sell because of the increased costs. Institutional investors want to see their companies profitable and don’t much care what is done to maintain that profitability.
As an example of where government fiat forced drastic business action that hurt employees, consider how many businesses put caps on the employee hours when the Obamacare law mandated that 30 hours per week = full time. If you don’t remember that, I refer you to this story about 
Darden Restaurants, who put a 28 hour cap on all part-time employees. Or this, talking about employees at 
Lowes, Home Depot, and Wal Mart. Most employers who offered “mini-med” policies to part time employees have gotten rid of them (no legal requirement to offer insurance to part time employees and there is a fine to offer mini-med policies, so its better to just offer no insurance.
The point is that employers are going to do what they are going to do. In the long run, it’s far better to try to encourage moral behavior than to mandate it by fiat…
As was attributed to St John Chrysostom: 
Material justice cannot be accomplished by compulsion, a change of heart will not follow. The only way to achieve true justice is to change people’s hearts first - and then they will joyfully share their wealth.