In most industries, the money to pay more does not exist.

American companies dominate in software, and they are also highly profitable. Because immigrating to the US is difficult and because many people don't even want to move there, there is a shortage of software engineers in the US. Compensation is primarily driven by the domestic job market, where businesses compete for talent.

In other areas of technology, American companies are not so dominant. There is also more competition, driving the profits down. If an American business pays too much, it will get less talent for the same money. Their products will be worse and more expensive, and they will lose to their competitors.

As someone from Finland, I've been familiar with this dynamic since childhood. You hear about it in the news all the time. High wages are a grave threat to the economy, because they make our businesses less competitive.