You honestly don’t really know what you are talking about, not saying that to be insulting but its fairly apparent.
Min wage is an inflationary factor, tying it to its effect is like increasing the speed of a train as it goes down a hill. It’s not smart and thinking that’s a good way to be more fuel efficient while ignoring all other factors is a recipie for disaster.
Min wage was created by the government. Not to help the common person. The worker. It was created in response to poor colored men getting jobs poor white men wanted because the poor colored men were willing to work for less, as Ling as they got work. A bunch of angry racists came up with minimum wage as a way to force companies to reduce their worker load and force them to only hire a few “educated” (read: white) workers. Since the poor black workers at the time didn’t have the education of the poor white workers due to racist laws, they were effectively priced out of the market in many areas.
And Min wage may not have the racist connotations today but it still prices many people out of work, because a lot of work isn’t worth Min wage in a lot of places.
Which you can then get angry that supposedly the work is worth sooooooopp much, and evil billionaires, qnd all that… but the numbers simply don’t back any of those emotional arguments up.
See, the market, not the company, dictates the value of most goods. People sit on the internet crying quietly how low wages are, how evil corporations are… but then when it’s time to buy something do they shop locally? Do they support local businesses? The statistics show… by a staggering margin… no. They do not. There has been billions over decades spent researching consumer spending habits, and they consistently go with the cheapest option. They shop online, if they can they order direct from foreign manufacturers… they send all their money to foreign companies and manufacturers instead of supporting local businesses, then wonder why none of the local businesses can afford to pay them 100k a year. Economics isn’t magic, these things don’t work both ways.
You either have a high cost of goods, and good local wages… or you have a low cost of goods, and low wages. Most places try hard to balance the two, but you don’t get both high wages and low cost of goods, not across the spectrum.
As for your “there wouldn’t be billionaires” comment… that’s just betrays a lack of understanding on how wealth is created at that level.
Your average Walmart store’s profit margin is roughly 3.2% iirc from their public disclosures. Their average labor costs are roughly 35% of gross.
So if every worker at that store got 100% of the profit, with a Min hourly wage of 7.50, they would see a whopping 70 cent an hour wage… and the first time someone stole something, or a mistake was made the store would be out of buisness.
The Walton family is worth billions not because of the “massive profits they refuse to give to employees”… it’s 3.2%… but because the SCALE of all of those stores and all of those 3.2%'s equals an incredibly large number.
A 50% increase in wages would not simply be absorbed by the store… they would be about 46.8% shy of meeting the law… so they would increase cost of goods by at least 50% to not only pay the wage increase, but also to pay cost of servicr/goods increases on their end.
Which is inflationary. Lol.