the thing about wages going lower in general (and people thus buying things less) is that prices for goods being sold then have to go up, to cover the cost of their employees now that less people overall can buy their goods but they still want growth. So they raise their prices.
which then means your wages have even less "buying power" and the economy gets worse in a spiral until those smaller industries just go out of business as a field. Only a few people can buy your product -> even fewer can buy your product and now you have to make enough to keep your employees around to make that many because you need to sell that many, repeat. The shareholders won't like lower numbers.
this is like, literally 1960s highschool economics but I suppose once you're approaching 80 years old it's hard to remember things you learned in school so it makes sense gov doesn't get this
this was broken down in The West Wing for fucks sake, a show I know everyone over 60 in politics has watched
