In the US's case, post-revolution with a DOTP, we would probably want more price deflation than wage increase. Wage increases would necessitate a bigger gap between American workers and the rest of the world. Instead, eliminate capitalist profit margins to drop costs and allow some wage increase outside the US by newly state-seized firms. Price reduction is also necessary when you want to transition out of commodity production. The revolutionary state's goal should be to drop a threshold of necessary goods out of commodity pricing entirely, being entirely by virtue of membership in society. In parallel, it would need to facilitate to collectivization and communization of property and production (ala the Venezuelan communal projection) using state capital and technical support to allow individual communities to remove as much of their subsistence and eventually abundance (tm) from commodity and wage production as possible. Then the state assists in networking communes together, directly accelerating its own dissolution as the communal state grows and replaces the centralized state's functions.

This is uniquely possible under a US revolution due to both its extremely high level of accumulated capital and its lack of external imperialist threats. A US DOTP, properly managed, could slingshot the entire planet towards post-state, post-class communism in a matter of less than a century, I believe.

Couldn't debt servicing get cheaper?

The savings rate was already high in China and deflation is encouraging even more saving, so the supply of lendable money is up so the price to lend (interest) would go down to reflect that. That would be counteracted by the loss in ability to pay the loan as revenues go down. So the true cost of servicing debt could land on either side of that equilibrium depending on what force is stronger.