In my view, wages are the backbone an economy. If workers have difficulty finding a job, or have difficulty earning sufficient wages, the lack of wages will be a problem, not just for the workers, but for governments and businesses. Governments will have a hard time collecting enough taxes, and businesses will have a hard time finding enough customers. There can be business-to-business transactions, but ultimately somewhere "downstream," businesses need wage-earning customers who can afford to pay for goods and services.
The Connection of Depressed Wages to High Oil Prices and Limits to Growth
Another great article from Gail Tverberg.