In addition to over-supply of labor, you have another phenomena I’ve not seen really referenced or studied - “true” disposable income - the amount one can spend on a discretionary basis. Specifically, disposable income is generally regarded as funding purchases for things like healthcare and energy consumption costs. We have a federal government that, through its specific actions, has increased the costs of healthcare and energy (particularly motor fuels). This doesn’t directly impact gross income, and doesn’t affect disposable income in the classic definition. But from a practical perspective, people are spending more on both, but getting no incremental value in return (paying more for the same or inferior utility value). This reduces the amount of actual disposable income that people can spend on a discretionary basis. When you reduce discretionary spending, you reduce the velocity of money, which leads to further stagnation.