Reducing profits reduces investment, which reduces wage growth. [1]
Unions destroy industry. They are simply a rent-seeking mechanism to extract more wealth from the shareholders by restricting their contract rights.
Detroit was the wealthiest city in the US in 1950, with the highest per capita GDP in the country. Over the course of the 1950s, 60s and 70s, the UAW union took over, with membership eventually peaking in 1978.
What followed was industrial collapse, and eventually, Detroit becoming a ghost town.
Unions are not good for labor at large, just the labor that is on the winning side of the zero sum rent extraction scheme.
Beyond repealing labor laws instituted in the 1930s and 50s that put private enterprise at the mercy of unions, the real solution is to cut government spending. Even when the government keeps taxes low, government spending crowds out private sector spending. The mechanism through which it does this is, primarily, by offering investors government bonds, which investors invest their surplus income into, instead of investing it in private enterprise, and secondarily, by reducing the future after-tax income of the private sector, through the future tax obligations it creates, and in doing, reducing the credit worthiness of private economic actors.
Now there are productivity-boosting forms of government spending, like building bike lanes, transit lines, ports, etc, but most government spending is in the form of social welfare programs [2] and a large proportion of that is just graft for public sector unions [3] which totally control the government (87% of cities with a population over 100,000 are run by Democrats).
Social welfare spending - which is directed mostly to public sector unions - needs to decline as a share of GDP.
The free market works. Wages for unskilled labor doubled, in real (inflation-adjusted) terms, between 1870 and 1900, when unions were historically at their weakest. And over the course of this period, industry expanded and saw its financial footing become healthier. This was very much unlike the post-war period, where US industry was running on borrowed time, making increasingly burdensome concessions to unions.
[1] https://fee.org/media/12421/20130708_whywagesrise.pdf
[2] https://ourworldindata.org/grapher/social-spending-oecd-long...
[3] https://www.hoover.org/research/california-state-government-...