Have you read the effect of the minimum wage increase in Seattle? The theories you’ve stated are debunked by real applications, and inflation is the least of our concern. The financial sector controls our wealth and everyday is a gamble. They could collapse the global economy again and at any time.

An American working one hour on $7.25 can buy one meal — at McDonalds. A wage increase for people living in poverty while working isn’t going to cause financial turmoil , but businesses will do their best to make society support poverty and inequality.