Because among other things that would make the oligarchs sad and trigger massive capital flight. Whether the emotional and financial well-being of the richest 150-ish people on the planet should be a credible concern is TBD.

That's absolutely nothing to do with it. The problem with it is it would just cause massive inflation, driving up prices, and cut any jobs that aren't absolutely essential.

I see what you're saying, but you're overlooking the fact that some of the best funded pacs out there aggressively lobby against minimum wage increases. I submit they aren't spending that money out of boredom.

No, it’s because it would mean restaurants would cost $400 to eat at for a basic sit down meal which would drive them all out of business.

There are tons of things people will just immediately stop doing if the prices go up to support labor that expensive.