The major element people on both side of this issue discount is the impact of technology on the supply/demand for human labor. Neoliberal policy makes this problem worse but so do conventional alternatives raised by critics of Neoliberalism.

Raising the cost of human labor increases the cost of production. The conventional response from management will be to find some way to mitigate the increase in order to provide a return on investment. A century ago that would have simply meant raising prices (if competition allows) or finding other ways to decrease costs. But... today things are different. There's an ever increasing attractive alternative to humans. One that doesn't demand wage increases, health care, retirement, vacation. sick days and can, with some attention, work without interruption for shift changes, bathroom breaks, etc. More and more, robots, A.I. etc are on a never ending march toward becoming cheaper and easier to employ than humans. They are the new slave labor.

The true solution is to first abandon the concept of measuring the value of human contribution to society by the amount of wages one can extract from an employer. It's a paradigm shift of monumental proportions but holding fast to the way things are will simply prolong and deepen our economic, political and social upheaval.