That's about 1 year's worth of salary of a full-time dev.
So that's around 3-4+ years of development.
(Also, that $154K might include significant employer expenses not typically included in salary, like, e.g. healthcare.)
At a more "normal" salary the 1.5-2x figure is pretty accurate in my experience.
The idea an employer has $17,000 in taxes they pay and overhead for an employer is absurd.