I generally agree and I'm one of those responding similarly in similar contexts. However, thinking about it, I think there may be a valve here that prevents this from happening: If costs get too high Asian companies win, setting an upper bound. So it may show up in more outsourcing and imports rather than higher pay.
I have not completely thought this through, so I'm posting it as a condensation nucleus for discussion rather than as some "truth", because I only formulated it in word form just now.
