Another correlation others don't see is that there are more lower wage jobs as the US has shifted from a manufacturing/production based economy to a service based economy.
Many years ago McDonald's was hiring at $10/hr to start almost double the $5.15 minimum wage. Unemployment was low, Worker participation was up and business was booming. The same McDonald's today hires at minimum wage $7.25/hr and they have plenty of applicants. Competition isn't only good for the consumer, it's good for employees as well.
What we need are more jobs. More middle income paying jobs. The problem is that every year it seems like the government passes more and more taxes, licensing, & regulations compliance laws. The cost of doing business in the US is getting more and more expensive and difficult.
Who really pays taxes in the end? It isn't the corporations & businesses. It all gets added into their bottom line and passed onto consumers and employees. And while taxes, licensing fees, and compliance costs go up we are paying for it. There's less competition, less companies, less jobs.