Do the costs of goods and services need to go up?

Or do the places paying low wages now just need to accept a smaller profit margin or lower executive pay?

It's unquestionably true that there are some places that pay low wages that cannot afford to pay better wages without increasing prices; however, we seem to have collectively decided that that's the only way wages can increase. But that ignores the fact that corporations in all (or at least many) sectors have been enjoying record profits recently, and executive-to-worker pay ratios are absurdly high.

Remember that next time you see someone claiming that raising wages necessarily means that prices will need to rise.