The problem is the workers that have been at the job for years start to make the same (or less!!!) than the new hires that know nothing. Sometimes you end up training a new hire that is making MORE than you do!!! It happend to me. Then the job hopping starts in ernest.
It’s probably highly dependent based upon one’s field of work.
I work in electrical distribution engineering, and it’s undermanned and old.
I’ll be fine for the rest of my career, but am concerned about the general population.
Eventually people vote for more stuff for themselves when their lives suck.
Some always will, but some have pride.
Interfering with merit based pay and position will only make things worse.