"For wage earners this isn’t so much of a problem as long as wages inflate as well (which, well, they haven’t)"

This, I think is a bit of an overstatement. Although wages may not have inflated too much, compared to, say gold, they have certainly inflated in terms of quality of life. Prices of personal possessions are extremely low, compared to 50 or 100 years ago, mostly due to "technical progress". 100 years ago a watch was a great luxury - passed down from generation to generation. But today "everybody" owns a smartphone, a computer, a wardrobe full of clothes. Everyone can afford high-caloric food (at least in the "developed world"). Not very much like 100 years ago.