If wage growth is constrained to such a small portion of the economy, then how could it lead to runaway inflation like they fear? Couldn't they just push those jobs to areas of the country that haven't been experiencing the growth?
In short term wage growth, only a minority notices it. In long term wage growth, it's not the same minority every year, so a much larger part (though not all) experience it.
In essence, if the aggregate growth looks like "Yay 2%! Yay 2%! Ugh -2%! Yay 2%! Yay 2%! Yay 2%! Yay 2%!" as having growth almost every year, then the median individual would see the exact same environment as "Nothing :( Yay 10%! Nothing :( Ugh -10% :( Nothing :( Nothing :( Yay 10%!" as having growth very rarely - and connected (and attributed!) to something meaningful they did, not the overall growth.
