[TheMog]

I've been doing this software engineering thing for over 30 years now, first in Europe, now in the US. The headline compensation for this whole time was pretty much always based on a handful of companies in Silicon Valley - that doesn't mean that developer jobs over here aren't well paid (they often are), but mostly to the level of "comfortable living" and not at the level of "buying my own small country in five years' time". So keep that in mind.

The other part of this is the industry - there has always been a part of the industry that lived on badly gluing together components cheaply for a quick turnaround. Obviously that part of the industry thrives on relatively cheap labour. I do think that sector has grown a bit, but keep in mind that the whole industry has grown, so these jobs have grown in proportion to the industry.

I think another part of this is which sector you are in - there are plenty of niches where jobs can be found where the job is not "chief component gluer". Usually, these tend to be a bit closer to the metal than web development, and arguably a bit more back end or lower level oriented. IOW, not necessarily something that you can show your non-technical family and state "I did that".

I do find it harder to find new jobs, though. Not necessarily because I don't get regular enquiries from recruiters, but more because those jobs are often a repeat of what I've done before with no or very little growth. And there's only so long you can coast along.