I think there's clearly a change. 10 years ago, we hired people for a specific technical role and paid them $80K/year. Now, we still hire people for that same job, but only pay them $60K/year.

Companies loudly announce they're laying off workers to cut costs. A short time later they're advertising those same jobs, but people are hired, or even hired back, at a lower wage.

What used to be a well-paid job 15 or 20 years ago, no longer has job security or the same benefits. It may have even be contracted as a 'gig' job, with no job security or benefits.