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Wages have pretty much kept constant with the consumer price index - meaning things cost more but you get paid that much more also

Basically just wiped out any savings not in stocks or other assets

Depends on the company of course. Everyone wants $15 an hour where $10 an hour was average 4 years ago.

It's the average wage, since all companies are competing for the same pool of workers and labor is limited - in a strong economy this will raise wages across the board

Hence why you see fast food etc paying such high wages now

Yeah which is what alot don't understand. You may get more but it'll seem like the same just so companies can make workers happy.

It was caused by sudden spikes in demand for energy and other goods after long periods of low demand - which led to price hikes as demand outmatched supply

Then as the economy reopened many businesses were looking for labor, but labor was in short supply (demand outmatched supply) - so again you have an increase in the price of labor

This created a cycle where the prices of goods and the price of labor tugged each other up to unsustainable levels - and this sort of 1:1 relationship can explain why in the end wages mirror CPI

Ultimately the government had to suppress the economy so to speak by raising interest rates on loans - and thus we fixed rapid inflation by cooling down the economy - and thus the desire for goods and labor

Inflation still exists, it's a product of our present economic system and is going nowhere - but it's at a sustainable level now that won't wipe out our savings or hurt people on a fixed income as much

That was a big part of it but you also had people not willing to work for crap labor can't blame them but like I said the more it goes up the more it stays the same. That's why workers were going on strike which really has been the same since forever some companies are just big enough to where they could fire everyone and rehire within the same week but it would be bad press so everyone gives in.

Just not in the US happens all over tbh.

Not quite, actually more people were working than is considered healthy - unemployment was considered too low

After the recession ended, the will to work increased across the board