That is the entire goal of interest rate tightening. To impoverish the masses until much lower wages are finally considered "worthwhile."
Look at the incredibly strong and quick knee-jerk reaction in 2021 to enhanced unemployment schemes as soon as the vaccines went out. Employers wanted to hire at the same low rates of pay, but couldn't find enough workers of sufficient quality, so all levels of government treated this as a policy emergency: they cut unemployment, they cut food stamps and many social programs, they lowered the legal age at which you can work at all, work dangerous jobs, and work overnights, and the Federal Reserve illegally defied its mandate to maintain full-employment first, and then a *3%* inflation target when it jacked rates up very quickly.