Unless of course all large companies are already sitting on large profit margins (they are, either explicit or just structurally sitting on them with bloated ma

Unless of course all large companies are already sitting on large profit margins (they are, either explicit or just structurally sitting on them with bloated management structures), in which case the increased pay will simply help alleviate a demand starved economy, which will increase flow of money / rate of transactions and, guess what, everyone makes more money.