I have some good news and some bad news.
The good news is we raised your pay to $15/hour.
The bad news is we have to let you go.
When I was in a wholesale business in Florida in the 80s, during the bad economic periods, I had some (retail) customers that had a strange understanding of economics.
Business got slow, profits down, so they *raised* their prices. Their “logic” was that since selling fewer items, they had to make more on each item. Want to know how well that worked?
Once, for an experiment, I offered to cut my price if they would cut theirs also & work on a smaller margin. No takers.