Of course they could be not-ghouls and take a small hit to profits instead of instigating a wage-price spiral, assuming no supply constraints, but they would never do or admit they have that power. They pretend “market forces” are the same style as gravity or anything in physics when it’s a literal choice they make to do this.

Sadly, paying you more would cause a wage-price spiral

Okay then let’s just do that. We’re gonna do your thing! 😈

Does that mean the executive suite will also forgo their increases to prevent a wage price spiral?

Ok, so keep the pay level the same, but reduce the amount of hours worked, aka give me more paid vacations.