Uplifting News
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No, having a system where "I'd pay you less if I legally could, but you have to work or die" is something I should be grateful for is incredibly fucked up.
Yes, capitalism wants to pay 2 cents or less for your labour. But it can only do this with the threat of starvation and villified, illegal homelessness.
When you remove that threat, capitalism loses its power over the population.
I'm not saying the system is what you should be more grateful of, but minimum wages were fought for by people who didn't earn enough to pay for their basic needs. They acts as flood gates against greedy employers. Doesn't mean the rest of the system is worth appreciating.
The need for lowering the price of goods doesn't change when there would be a basic income, but you are right people are more willing to accept a low wage of they are threatened by starvation and homelessness, a basic income will definitely be a good thing for people who currently are earning a low wage.