One thing which hasn't been discussed is the elasticity of the labor market.

When the labor market[[s) get tight wages should rise. Some, e.g., retired, students, etc. may rejoin the labor market if they feel it is to their benefit. I used to have a joke that if McDonalds would pay $20 / hour that a lot of retired white collar employees would rejoin the work force and go work for them. This won't, of course, ever happen.