Sure, inflation rates have come down from their highs, but we don't have deflation so $1 today is still worth less than $1 from 2020 — which means $15/hr minimum wage is worth less today than in 2020.
If you think deflation is better, ie money in the bank should be worth more over time, just look at what happened to Japan with their deflationary economy. Some call it the "Lost Decade".
The point I have is when looked from 20 years from now, it will be a blip. It's not the great depression, it's not the gas crisis of the 1970's. It's not even as bad as 2008.
Yes it sucks in the moment, but it won't in a few years when wages catch up finally.