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So "tech" is often seen as a "privileged space", acting like this just exacerbates this viewpoint.
Think of all the millions of people working at fed minimum wage doing hard manual labor getting a 3% raise is pennies on the dollar... for a working price point that hasn't changed for decades. Then consider those who get paid UNDER minimum wage.
Economics has never cared about inflation and how much workers make. Workers make as much as their work is worth. This has been the case since money was invented.
A professional does their job well because that's their job, not because "pay keeps up with inflation", that's just never been the case, it just used to align more often for more people, but again economics doesn't care.
A job is "worth" what it'll take to get you to do it. A raise is only to try to keep up and prevent you from jumping to a competitor. Its basic economics. A job is worth what someone will pay. Pay is fair if the market/no employer will offer more for the work.