Lost in this discussion is that there is an economic target for a minimum level of unemployment. It's how inflation control targeting works. People want inflat

Lost in this discussion is that there is an economic target for a minimum level of unemployment. It's how inflation control targeting works. People want inflation when it's their own wages, and they want labour supply to be constrained to achieve that. But as soon as the wage inflation feeds through to price inflation, they get very upset. Transient but significant inflation was one of the successful attacks on Biden's economic record, for example. Wages are flat because it's policy for wages to be flat so that prices can be flat.