Spoiler
Also not necessarily true - Karl Marx "Value, Price and Profit" Chapter two "Production, Wages, Profits"
Inflation + minimum wage is the same as devaluing money, which is good for everyone with debt, and bad for everyone with money in the bank. Not sure how it is for billionaires whose money is mostly in companies, but it's great for me with a loan for my house, which doesn't get indexed, unlike my salary which does.