US federal minimum wage has de-facto been abolished, thanks to inflation.

This often gets missed because it happened slowly and as a result of inaction, but it's still worth talking about.

When I was in school (Europe, 1990:s) we were openly and explicitly taught that the main reason for the 2% inflation target was so that real wages could more easily be lowered during financially difficult times, since the workers mostly wouldn't notice.

Didn't really understand the implications back then but this is the wealthy and powerful enriching themselves at the cost of the less fortunate until the system breaks down, as in all societies, always.