Don’t step off the treadmill for any reason or someone will take your spot.
To an extent this is fine; people need to go jogging not to the environmentally destructive gym with its pipeline of waste to make a treadmill. Reality of industrialism is hidden behind technical jargon that lacks heart and compassion.
The problem is unimaginative elders in charge double down on ideas the workers have no say, like banker guy. These people are seriously addicted to controlling human agency, and are flipping out that may be coming to an end. Trickling down is what they trained for their entire lives; how dare we take that away!
Watch Chris Matthews meltdown on air. Everyone is addicted to the propaganda they were weened on, the elders are post war shell shocked, and their progreny Cold War paranoids, both huffed leaded gas fumes. We’re taking orders from fragile, frail, inflexible, paranoid automatons more so than human beings at this point.
My suspicion is wages are already below the market clearing rates. Ie if they were raised more people would be willing to work. That’s easiest to see as a minimum wage consideration, but it’s true of more market industries than that.
I don’t see a way where raising interest rates causes labor to be paid more. If it works to lower wages then peoples propensity to work for those wages will go even lower. At some point possibly externals to the traditional labor market start emerging. Ie despite having paid for your BigMac the laborer won’t actually make you a decent BigMac until they see a tip in the jar. (Just to illustrate the mechanism not as an actual example.)
I honestly don’t know. But it’s clear we’re in odd territory.