Wage struggles and WDW increases feel like 2 different conversations. Except for people who were already doing WDW at the lowest possible cost (off-site, 1 day ticket, pack your own food), there are still cost cutting options by down-grading a trip or going less often. Not pretty, but possible.
There's a lot of dysfunction happening in the US currently, dismal wages are definitely one cause. But the people who cannot afford WDW in 2020 likely couldn't afford it in 2010 or 2015 either, before WDW prices increased at an insane rate. Those who have been able to afford the time/money for WDW still can by making reductions in their trip. It's not exactly being priced out, more like priced into a lower experience.
It stings but personally we have found recourse. We've decided to go less often and tack on days. First, that cuts travel costs in half. Whatever a 5 day trip cost us, a similar 8 day trip costs us about 1.5x. If on average we took a 5 day trip every 10 months, now we can use the same budget to go 8 days every 18 months. Or we could go for 5 days every 10 months but trim out TS meals & hoppers, stay offsite, etc., which doesn't interest us. We're just 1 example but cuts on frequency, resort, food or tickets can be made from any previous trip style to remain within a budget.
But... how far does WDW expect they can continue? Nobody wants to keep paying more for less. The quality must be maintained, at the minimum. Cost definitely correlates to guest satisfaction. GR gets more complaints at increased rates. Think of a dessert party, was $50 now the same is $99. If something went wrong (depending how serious), a guest might let it go at $50pp (2016). At $100 (2020), they're much more likely to give GR an earful. And that goes for EVERYTHING, lol. I think we're nearing the point where further price increases could actually lose profits from increased compensations at Guest Relations &/or Guest Satisfaction plummeting. Who knows though?