I think the problem may be that many companies increase their prices to whatever the traffic will handle for needed items. For example, the $600 cost of epi pens.
"$100 in 1980 is equivalent in purchasing power to about $321.45 today, an increase of $221.45 over 41 years" - Source:https://www.in2013dollars.com/us/inflation/1980
This is a 68.89% decrease in spending power.
For comparison, the minimum wage in 1980 was $3.10, and minimum wage today is $7.25, and increase of 233.87%.
By rights the minimum wage should be able to keep up, with that big of a disparity. The problem is that purchasing power figure takes into account an average over all things. The ten cheapest cars in 1980 all had a base price under $5k (source: https://blog.consumerguide.com/cheapest-american-cars-1980/). Then ten cheapest cars in 2020 were, other than 1 exception, all below $17k (source: https://www.caranddriver.com/features/g29414710/10-cheapest-...). That's a decrease in spending power for cars of ~70%.
For median family single home in 1980, $55k. In 2020, $300k. (source: https://dqydj.com/historical-home-prices/). A decrease in spending power of 86%.
The majority of the US is facing a huge discrepancy in the decrease of spending power amongst big ticket items, the increasing lease-economy, and unprecedented debt. There is also a sense of entitlement at avoid certain menial jobs in some. As a result a $7.25 minimum wage is not going to cut it, as that's only $14.5k per year, well below the poverty line of $26.2k for a 4 person household (2020). Double it to $15k/hr and you still are just barely above the poverty line, forcing both parents to work full time, or one parent to work two jobs.