[overpaidgoogler]

"Society has decided" is not a good substitute for an actual reason for a policy. I'm not arguing against democracy here. I also think you are confusing minimum pay with minimum qualifications. A medallion is not a qualification, it is an arbitrary limit (yes there are other reasons for the limit like congestion, but the article discuses pay)

[jsprogrammer]

Not being able to get a "high paying job" is not really the problem.

The problem is that the "market" has so far failed to distribute enough wealth to satisfy everyone's needs and for most of those that you can argue that market has been able to satisfy, they are essentially slaves to that market, with little to no mobility.