No it wouldn't. What I fear, and I think I've heard Victor Davis Hanson express similar ideas, is that America never gave up its need for slavery. We've just relabeled it "menial labor."
If this is true, the implications to our sense of self-respect and our ability to treat our fellow human beings fairly would be severely compromised. I think the illegal immigration crisis is rooted in this problem. It is why Wall Street refuses to help solve it. It is why there is bipartisan denial as wide as the Mississippi.
I'm not talking about mandating minimum wages or anything like that. I'm talking about what we think about others who work for us, and what that means to our fellow human beings. When people can't raise families on their wages, what does that say about our commitment to a humane economy? If we intentionally relegate certain jobs to the level of "slave labor" (calling it menial), no amount of social Darwinism can justify our economic ethics.
Illegal immigration would be the only way to satisfy demand for such labor, if this were true. I look around at the people working at illegal wages, and I see slaves.
I don't believe that a "free market" exists when supplemented by unfair labor prices. If the market were based on fair practices, it would equalize itself out and minimum wages could go away. I'm saying that true capitalism where a community matters can solve this problem. If we don't try to solve it, the Marxists among us will continue to have popular support. In other words, we should solve them in the Republican party. We should end illegal immigration and pay American citizens and legal immigrants what the market then dictates.
What you're missing is that if they thought they would be slaves, they wouldn't come.