This statement pretty much states the whole idea of capitalism and the reason it's a working system. Entry-level jobs are mostly aimed at students and bachelors who have just entered the market, thus the pay won't be high enough to cover a luxurious life, but should be high enough to make basic ends meet. Since most entry-level jobs have limited hours of work, they pay accordingly, and the person has the ability to search for other sources of income (no prostitution please).
The case this system fails, is during an economic crisis, because there are no jobs for people to start with. Bills pile up, and people either don't find something in their field to work in, or anything at all. That is where the socialist part should come in, in the form of already established work positions provided by the state, in which the student works for minimum wage, to get experience and get started. Otherwise, you are pretty much asked to endure, and grasp the first opportunity that appears, but usually that's more or less a form of exploitation as employers are well aware of the current state of the market. Thus people struggle to make ends meet. I believe that is where many people (and that's not restricted to the limited knowledge of 15-year-olds, mind you) tend to lean towards a more social approach to things, that works in parallel with wellfare, but provides a form of support for the beginning of your working life, or its continuation in case it was abruptly put to a halt for various reasons.
I may be going a bit off topic but I believe it's worth mentioning that in some countries students are given the opportunity to work alongside their professors during the semester or during summer, with a minimum payroll, and lots of work experience. For my future profession, that's also considered an entry-level job, which speeds up the process of climbing up that salary ladder. If we overlook that those positions are usually limited, that the pay is low since there is little competition, and that depending on who you work under you might be treated like trash (totally not from personal experience, dr. Vlachos you #@!#$), this is basically a socialistic approach in a neo-liberal fiscal system, which aparently does its job. Saving will be my only resource for the time being, but instead of being basically another student working part-time to make ends meet (and for the Americans to also pay their tuition or student loans), I get working faster, because the state makes tertiary actions and does not only look at what it has to gain short-term.
This brings me to a main point I'm a bit confused by your statements, since it seems that you mix socialism and communism a bit there. Hard as it may be to implement one system or another into an already semi-functional fiscal capitalistic frame, a system that works as a "pendulum" fixes the problems that capitalism creates by searching for the maximum profit at all times. Supporting the youth and assisting the less privileged is an investment for future economic progress, since its absense only hinders the individuals' progress in their respective career path, since they devote much of their time in working, which in turn may lead to a sacrifice of quality for quantity, since two jobs just mean twice the money, since both mean minimum wage. Usually such jobs don't have opportunities to rise up to higher positions, because they are either fully depended on their employer's mood, or state dependent which frequently has a lot of paperwork and wait before you manage to climb up the ladder. Instead, I believe that a system that supports those who begin their career improves the economy in general, without directly taking money from the upper echelons of power, even though they might be burdened with a minor tax for this system to work efficiently.
We could delve into ways to change the "pure" capitalistic system into something more socialistic or "poor-friendly" (as I've also seen it be called), but that would take the topic towards a very different path. If there is a single sentense I want to emphasize on is that "Minimum wage should be defined as the amount of money that provides the individual the ability to pay their bills, take care of their own expenses and have some recreation in their lives"