As things go up in cost so do prices. So it's not like boosting everyone making low money has zero effect.
Here's a good site I found that does USA inflation math.
Easily calculate how the buying power of the U.S. dollar has changed from 1913 to 2025. Get inflation rates and U.S. inflation news.
www.usinflationcalculator.com
I looked at USA federal minimum wages over the years and took 1956 as a benchmark since it was $1.00 to make it easy.
If you type in 1956, using $1.00, you get $27.44. Thats 2644% inflation over 65 years at a compounded rate of 5.4%.
If federal minimum wage was set at $27.44 (and states went beyond that like now setting at lets say $30-40), the prices would be sky high and anyone making $27.44 would still be broke because a loaf of bread would probably be $10 and not $2. Anyone making $100k would probably be making $300k. The only way it would work out is if low end jobbers got a big boost and anyone making good money didnt really go up compared to now so the wage gap squeezes tight. The current USA avg wage is about $27/hr just by luck.