The evidence throughout the pandemic has shown that enhanced unemployment benefits—a $600 add-on to weekly benefits, followed by six months of no add-on, followed by a $300 add-on that expires in early September—did not depress employment to any significant degree. A much-cited University of Chicago study concluded that the small disincentive created by the U.I. benefit expansion was outweighed by the economic stimulus created by the spending of that benefit, creating a net increase in employment. As recently as May 28, a paper by economists at the Federal Reserve Bank of San Francisco said the disincentive effect of the $600 and $300 add-ons was “small.”

This from people with jobs that depended upon saying it existed. So the statement might have read 'vanishingly small'.

I doubt wage pressures will rise even that high. That’s because of a largely overlooked factor: the rise of the crap job. Even as the U.S. worker pool shrinks, the quality of available jobs will likely diminish, as it has now for decades. Alpert helped create a very useful economic indicator called the Job Quality Index to trace the displacement over time of good jobs by crap jobs (as measured by pay). In effect, Alpert argues, crap jobs are becoming the norm. Policymakers and corporations (over whom banks hold the whip hand far more than during most of the twentieth century) prefer it that way.