living paycheck to paycheck

As has been related on these boards, often far worse and at a higher final cost.

That employers will pay less if able is no secret and not disputed. But if there were some race to the bottom, we would see a greater proportion of workers being paid less, and generally decreasing compensation. The minimum wage has little to nothing to do with it. The companies you mentioned don’t pay it (save where the local minimum is high) and have had to increase wages to maintain their workforce at the levels they want.