One critical fact is missing from this discussion.
In the USA, we have deliberately imported a MASSIVE oversupply of cheap foreign labor.
We have at least 7 million illegal foreign workers, because the laws are not enforced.
We issue at least 1 million new Green Cards each year to legal foreign immigrants.
We issue or renew 750,000 work visas each year to legal foreign workers.
The law of supply and demand is ALWAYS enforced.
When there is a surplus of labor, wages and salaries go down, unless the government artificially pumps them up.
We’ve imported a lot and labor...and we’ve also massively added to the cost of labor in administration and non-cash benefits, while diminishing the profit impetus that inspires businesses and people to invest in said labor.
We’re hitting it from every side.