President Trump has positioned himself as a job creator in the run-up to the 2020 elections. With the unemployment rate at a 50-plus-year low at 3.5%, he has a historically low jobless number heading into campaign season.

But wage growth has been sluggish despite years of low unemployment, a disappointment that is attributable, at least partly, to the fact that many people in recent years entered the labor market and have secured jobs. That’s good for workers and families, but it also gives employers more hiring options that depress wages.