That won't happen. Why? Because of the influx of legal immigration, technology changes, huge increases in productivity, off shoring and the demise of unions over the last 30 years. So that scenario you offered is not even possible. CATCH UP WITH THE TIMES. You appear to believe that wage supression is a good thing, then. That's surprising, seems to me you've opposed it up to this very moment.
Or, maybe you just don't understand what you're saying.
No, wage suppression is a bad thing and it is leading us to socialism as workers give up and watch their communities collapse under the pressure of off shoring. There is not a risk of price inflation or wage inflation. Structurally, we've screwed over the US worker.
Actually, I can see deflationary tendencies in the economy.