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Unemployment is actually at a ten-year average at the moment, and entry-level wages are growing.

Entry-level wages are being heavily outpaced by inflation and COL increases, so they're not actually "growing".

The COL increases are real, but are largely driven by growth in average wages. (Techies moving into your town, and outbidding you on rent.)

You are correct to observe that people at the bottom are being left behind.