I am in the US. Let it drop then, I will adapt by becoming a digital nomad. Maybe I will move to Mexico or Argentina for the better life there. You can buy much more life quality with half the funds.
I already know some Spanish, it's easy to pick up once I live there. If time zone doesn't matter I can also move to Southwestern China or Thailand.
Rise of wages in developing regions will also create much growth that I can invest into.
We cannot have real social democracy if there is still cheap labor on the planet to outsource to. Closing the pay gap will definitely brew global labor movement that will eventually make life better for everyone.