I do not know about tech wages in the US. In Germany, the tech wages are not inflated, at least not in my opinion. The normal tech wages have risen maybe 3-5% per year the last few years in Germany (I don't call this inflated) and the years before it was even less.
In the same time, the wages for top-managers have risen maybe 10-15% per year and are since decades incredible high above the wages of "tech wages" (the difference is climbing and climbing). I call that inflated.
Your statement of course is more logical than that of the OP.