The billionaires got 40,000,000,000,000 dollars richer in the last decade on this planet.
Yes, the bosses get to choose the wage. But let's not pretend there is some "invisible hand guiding the wage market".
The only hand guiding the wage market is the hand pushing down on the working class. All the theoretical metrics and talk about minimum wage is moot.
Why did those 40,000,000,000s become centralized into the hands of a few hundred people? Why should 6billion people NOT have had a portion of THAT particular growth. Yes their wages increased too but their wages didn't increase by 40trillion.
We CANNOT pretend that the 40trillion dollars that billionaires NOW have access to is because of their business acumen. IT has EVERYTHING to do with appropriate wages being withheld from workers. IT has to do with stock buybacks being used to enrich the ALREADY rich and not being given to workers.
Here's the conundrum, not all businesses (or billionaires) shared equally in those gains. Some businesses may have seen a windfall of cash, others may have lost a bit, others may have had a flatline year.
That's where it gets tricky...
Let's say "MachineCorp" has a rich CEO, and saw record profits, is paying their warehouse workers $17/hour, and the CEO padded his pocket and that of the executive team with the gains.
"Machines-USA" also has a rich CEO, but had a flatline year, is forecasting some losses in the upcoming year, and also pays their warehouse workers $17/hour.
Just because "MachineCorp" is in a financial situation to raise all of their workers from $17 up to $25 and could easily sustain it, "Machines-USA" isn't in that situation.
Here's where the tough options come in.
1) You could mandate a minimum wage increase of $25/hour for all warehouse workers, it won't hurt MachineCorp, but Machines-USA will likely have to resort to layoffs, thereby making them less competitive, and giving MachineCorp even more power.
2) You could try to target it to a company-level where the former has to give their employees a raise, but the latter is allowed to maintain the status quo, but that would also make people want to jump ship and go to MachineCorp, again... giving them more power.
Realistically speaking, we can't tailor national wage policy to what Amazon, Walmart, and McDonald's could afford to pay their employees if a figurative gun was to their heads.
Because if you mandate a wage that only Amazon, Walmart, and McDonald's could "technically afford to pay their employees", in 10 years, those will be the only 3 companies left.
Walmart and Amazon could afford to pay all their retail associates and warehouse workers $25/hour and still likely enjoy some decent profits. "Sal's Hardware" or "Joe's Country Grocery Market" can not...
Even within our current structure/system, we see small and medium sized businesses having to fold and having their market share gobbled up by the big players. Wage policy that mandates hourly rates that only the big players can afford to pay (while well-intentioned) only serves to accelerate that process.
In short, if you don't want the only store to be Walmart, and you don't want to have to work at Walmart 5-10 years from now, it's probably best not to write a rulebook that only Walmart can financially afford to abide by.