I’m not sure I agree with that.
I work in STEM and I’m making more money than I ever have before.
I’ve made a ton fixing stuff that these H1B visa holders write.
Adjust it for inflation. I made WAY more in 1995 than I do now. Now I do 8 times the work/responsibility for 3/4 of the pay. I am now doing what a 8 people used to do. I am the last in this department and I have all the corporate technical knowledge about legacy software.