The problem is, it obviously (collective bargaining etc. alone breaks the theory already) doesn't work. Like any economic theory, it's a theory that assumes too many things and ignore a great deal of other things. If a job stays more or less unchanged for a hundred years and there's still demand for it, why exactly do you need constant pressure on those specific wages?
Also, you can have growing and shrinking wages without a national bank targeting an inflation rate. Having heard some FED people speak (powell etc.) makes it even more clear that there's a bunch of out of touch assholes at the levers of this shit.