> My suspicion is this is all wallstreet's shenanigans. There is a growing labor rights movement and this climate makes it hard to pass any laws that support the movement. "Minimum wage caused low profits and an unrecoverable bear market" is the sentiment they want to spread (by they I mean the market makers and investment bankers of wallstreet).

Do you have any evidence from that? Personally, I'm pro-union, etc.; but what you wrote sounds like a bias-affirming conspiracy theory.