You're begging the question with your assumption that the previous price of labor reflected its true value and the new price is excessive. What if it was previously undervalued and the new price is correct?
A thing's value is the what two people agree to transact for.
A thing's value isn't dome statistical hand wave. It's a statement of fact. A dependent variable with a huge multiplicity of inputs.
If a laborer is not will ing to sell their time, which arguably, a great deal of American laborers probably shouldn't be right now given the rates many employers are offering and exploitive business models in use, Then the value is not defined.
Businesses can essentially name their price because there is a capital management complex that overall colludes to create an emergent that as a happy side effect for the actors within, leads to members being generously enriched.
The glorious absurdity to it all though, is that group is in part primarily empowered by us The enemy here, is us.