Amen.

It's also I think why a lot of programmers are attracted to startups: because it's far more attractive (not to mention the company's and the programmer's interests are more greatly aligned) to be somewhere where you share in the success and aren't simply treated as an irksome cost centre that's hard to apply metrics to.

A programmer with 10 years of experience can be 10x (or more) more productive than a graduate yet they will probably less than twice as much.

Do this exercise: look at how much you earnt 5-10 years ago and now adjust it by inflation into today's terms. In real terms don't be surprised if now you earn little more, the same or even less.