The internal conversations businesses are having are changing. Rather than, "How are we going to afford the cost of all of this additional regulation and taxes..." to "Where is the best place to invest for growth?". If you reduce the regulation and tax burden while rates are low (cost of capital), it makes sense to grow your company. My guess is you will see wages rise as companies naturally compete for the best employees rather than being forced into paying higher wages.
How do you kill wage growth at the low end? Restrict mobility. When workers cannot change jobs, they get locked in/enslaved. Non-compete clauses for even fast food workers are detrimental to competitive wage growth.