Tell me about it. I’m 64 YO and truly love my current job, but without a significant pay boost on the horizon am seriously considering retirement.
It is going to take some time to repair that I think. The world economy is very weak still, and Americans are also competing against illegals, despite shouts that claim that is false.
Supply and demand.
There is still a large supply of labor out there and until that is cleared, the prices/wages will stay down.
When the demand for labor outstrips the supply, then wages will go up because of competition for that labor.