Of course you will have times of economic trouble with no raises.

depends on if there is still inflation. I'd say the Weimar Republic had a worsening economy, but when you need a wheelbarrow of money to buy a loaf of bread, raises should probably be given, lest your employees become bakers...

I have had some 0% years during the early 2000's. A couple times I've seen companies slash 5% across everyone to not do layoffs. Just nit happening right now in the US, enjoy the good times while they last!

Any year that the purchasing power of the currency in which you are being paid goes down, and in which you don't get a raise to accommodate that loss ("cost of living raise" or whatever), you have effectively been given a cut in pay.

I can't speak to other countries, but the USD is intentionally inflated as a matter of monetary policy and it has done so consistently in good times and bad for my entire adult life (I'm over 40)[1]. If the company is not doing well, and they choose not to give me a raise each year, that is still an effective cut in pay so long as the consumer price index is rising. Your reaction to that is yours to make, but you need to recognize it for what it is.

[1] https://en.wikipedia.org/wiki/Consumer_price_index#/media/Fi...