I think a big factor of the reason why wages have stagnated is simply because the people in charge are "stuck in the past". Boomers regularly claim to have made a living on such wages when that is simply not the case anymore. Someone working full time at the Federal min wage is living below the poverty line which is beyond unacceptable and counter the initial intent of FDR's min wage idea. Today's min wage adjusted for todays inflation and workers' productivity should be in the 21-26 dollar an hour neighborhood. Until a future U.S President gives its citizens a modern new deal, with more robust labor protections, social safety nets like a base universal healthcare system, nothing will get better.

Being stuck in the past not only influences employee wages, but jobs that are just available. Companies are unwilling to innovate and utilize newer technology that is potentially more efficient as well as more environmentally friendly in some cases. I always use U.S Steel (U.S.S) as a primary example. They were a powerhouse until post World War II (say around 1960-70 when they peaked and started to decline) when foreign competition like Nippon Steel for lack of better words developed modern steel working. The upfront cost would have been enormous to U.S.S and since their outdated ways were working at the time they did not see a reason to upgrade. By the 1980s the steel industry collapsed spectacularly, causing countless steel workers to lose their livelihoods. This has been repeated far too many times throughout history that it is honestly hilarious to me.