This is classic Carter era stuff.
Once inflation kicks in there is an urgency to find a job that pays more.
Where there are unions that means strikes.
In low paying jobs that means lots of folks try to figure out a way to improve their careers.
Meanwhile consumers “trade down” their spending to try to keep up with the inflation. That means less or less fancy vacations, less or less fancy restaurants, grocery buying, clothes buying etc.
As a result the employers cannot afford to pay the higher wages.
How soon everyone forgets...
Bingo
Bingo
That statement makes no senses. It should be "employers cannot afford to NOT pay the higher wages".
. . . and the modern Jimmy Carter no longer has to worry about being voted out of office because those who cast the votes decide nothing and those who count them decide everything.