Earlier quoted context omitted.
RE your second argument: population increases have always been happening, so why would it only be from the 70s that it would finally depress wage growth?
Exponential growth won't last forever. Pretty much everything that looks exponential is actually logistic. [1] [1] https://en.wikipedia.org/wiki/Logistic_function
For long term things, maybe. Do you have any good reads on that relationship?