You are correct that politicians apply distractions to keep the game going. I suspect your "cure" may confound things though.
Supply and demand as well as labor costs do impact pricing and production costs.
The best cure for increased consumer benefit, is to get rid of protected monopolies and let peoples freely chose from an unlimited range of service providers to determine who will provide the best services for them. This creates the proper feedback to suppliers of goods and services, if they listen they thrive, if they don't they perish.
A regulated and government intervention skewed market subverts that necessary feedback loop and you end up where things are now. So MORE regulation is going to prevent potential suppliers from entering a given market and create less choice for the consumer and often higher prices.
I think that if the playing field is level, we have a shot at fairness.
Look at Minnesota MMJ. 25,000 to apply to grow, must have distribution and warehouse set up.
This allowed a few rich investors to own both facilities in mn. Monopoly. They control the price.
But as far as wages go, they can go up. Small biz may need protections, but in general wages need to rise, if the rich people expect us to buy stuff.
Supply and demand determines market value.
Higher wages won't affect what goods are sold, and who sells them. This is myth, perpetuated by the rich folks.