Refinancing is dead: a generation of Hard Times will continue until secularly real wages improve

On Monday I gave what I think is a reasonable roadmap to the next recession.  I wanted to follow up a little.
The post from nearly 10 years ago was entitled, “Are Hard Times Near?  The great decline in interest rates is ending.”  The theory is right in the title.  Since the 1970s, real average hourly earnings had declined.  Average Americans coped by spouses entering the workforce, by borrowing against appreciating assets, and by refinancing as interest rates declined.
By 1995 the spousal avenue peaked.  Borrowing against stock prices ended in 2000.  Borrowing against home equity ended in 2006.  When interest rates failed to make new lows, the consumer was tapped out, and began to curtail purchases.  A recession began – and its effects have lingered and lingered.  Hard Times were indeed near.