This logic doesn't work. The past few decades have seen steady to strong inflation, while purchasing power after adjusting for inflation, depending on the country, has either not kept up with it or has straight up gone downwards. So in other words, the price of everything has gone up, but not wages. So I don't really see how the price of everything going down would mean wages going down either.
When prices rise, we'd expect revenues to rise, which is not necessarily given back to workers in the form of buying power. (See grocery stores having record profits as prices have rised, for instance - that increase in profits is probably in part the gap between prices and wages showing up.)
However, no company is going to do that the other way around - if their revenues fall, they will either cut wages or fire people in order to still be profitable, so deflation should show up faster in loss of buying power too. Companies don't generally just accept lower profits, and shareholders especially do not accept this.
