I would like to add my perspective on this,
Here's the deal,
I know a lot of people are in love with the idea of minimum wage because it supposedly helps the poor, but it does no such thing, what it does is as the OP has pointed out, is restrict the amount of people an employer can hire. Ok how does this effect everything else?
Less employees equals less productivity, equals less products equals higher prices, inflation and many other economic ills.
Ok, lets look at the other side of the coin,
If you have no minimum wage, what will happen is businesses will be able to hire as they need, more products will be created and prices will fall.
More people will be employed and guess what, more products will be purchased, this will start a new cycle of increased production, again prices will fall.
So the overall net effect is that more people will be employed, while they make less money, prices will be lower, the economy will surge with new jobs.
This doesn't mean that more experienced workers will get lower pay, in fact they might get more, as the needs of a company reflect the needs of the economy more higher skilled workers will be needed and guess what they will be in demand, employees will be in the drivers seat of the economy.
So there will be jobs that are low paying, and these will be filled by younger people just starting out or other people who have different needs.
But there will be also higher paying jobs that will go to higher skilled workers, younger less skilled workers will have more incentive to learn skills, thus opening up their old job to another youngster.
That my friends is the dirty little secret they don't want you to know, you can't tell me for a second, college grads don't see this.
This is one wrench in the machine that is slowing our economic growth, Ron Paul please notice this, and talk about it.