The productivity and wage decoupling is very hot debate topic in the economic circles. It's not very easy to sum it up, as there are many factors going in. For example, productivity is calculated based on real GDP, which uses GDP deflator, while deflator for real wages that is typically used is CPI. Just the fact that you're using two different deflators already makes a meaningful comparison harder.
Looking at minimum wage is not really relevant, as only around 2% of workers earn minimum wage.
The degree cost explosion is very unfortunate, not only because it is more expensive now, but also because much fewer people had (or even attempted to obtain) degrees, so not only it was much cheaper for them, but also they simply didn't need to get them as much as people need them now. The push for universal tertiary education has been very detrimental to our society, as people need to spend more, and the only result is degree inflation.
Only about 2% of workers may earn minimum wage, but the minimum wage serves as a kind of anchor that other very-low pay jobs base their pay on. Many major national fast food chains (for example) pay like $8/hr which isn't technically minimum wage but is essentially the same, because if the minimum wage were $5/hr these jobs would probably similarly pay $6/hr or therabouts
Scott Alexander has a good entry level write-up[1]. He is not an economists, he tries to understand the debate as a lay-person, so it doesn't cover it all, but should give you some taste of the complexity involved. For an actual economist, see e.g. Scott Sumner[2].
Looking at minimum wage is not really relevant, as only around 2% of workers earn minimum wage.
The degree cost explosion is very unfortunate, not only because it is more expensive now, but also because much fewer people had (or even attempted to obtain) degrees, so not only it was much cheaper for them, but also they simply didn't need to get them as much as people need them now. The push for universal tertiary education has been very detrimental to our society, as people need to spend more, and the only result is degree inflation.