Buying power and cost of living was kept at a high-low level in the imperial core through imperialist expansion even before neoliberalism (Reagan onwards) took hold. Yeah that took it to another level but it was a major part before it, even during the new deal , even for the post war european social democracies. Saying "its neoliberalism" is wrong and kinda shifts the focus very heavily on "the newer more bad capitalism mode" while these all happened at a massive scale at any era of imperialism. Its a foundmental goal and innevitable outcome outcome of the western imperial core-third world imperialist exploitative relationship since both of these things were a thing.