It would be wonderful if it worked that way here in California. However, the divide keeps growing as the rich get richer and common people cannot even rent a tiny 1 bedroom apartment unless there are two full time salaries. It’s nuts.I don't really know the economic logic behind cost of living wage increases, but whenever wages fall behind the cost of living, it's a problem and the media make a fuss about it.
Makes sense doesn't it, because when people can manage on their wages, they can spend more, which supports local industry, which employs more people, and around it goes.