I babysat in the sixties for fifty cents an hour. In the seventies, it was up to a dollar for a large family and because I was experienced.
But when my kids came along in the eighties, the babysitters we could find insisted on five dollars an hour because that was minimum wage. Guess who couldn't afford to hire babysitters at that price? So we traded off with other moms or stayed home. The few times we had a babysitter and a date, we spent more on the sitter than the restaurant!
So who won? Certainly not the babysitters. Instead of their five bucks an hour, they got nothing. True, they found some rich suckers who would pay that from time to time, but overall, there were a lot less jobs to be had.