This is the thinking companies would like you to have. Meanwhile, profits have been massive for many companies in spite of inflation. The in site of part is somewhat sarcastic, because a lot of it is driven purely by corporate greed next to macro economic factors.
Companies that move part of their profits into wages don't have to increase prices if... They accept a decrease in profits.
To me, this seems like one of the only ways to avert a real crisis right now. We're moving money toward the rich at a crazy rate, causing regular people to be able to afford less and less. Rich people tent to not spend their money in the real world. A rich person doesn't buy 10 iPhones or 10 F150s, they buy one yacht. The middle class is who cause economic growth and stripping them from purchasing power will slow everything down.
In the end, the rich will also feel this, when their assets implode. But they'll only feel it in the value of these assets. They won't feel it in their daily lives. Only the normals actually feel pain from all this.