Where I live (DC) most people are not in tech and they still have an upper middle class lifestyle working for the Federal government or a contractor (in a non-tech role). Nationally, purchasing power has been declining for many years.

Besides Fed Gov, Tech/finance are the probably the only sectors left with large work forces, great margins, a culture of rewarding talent (vs health care for example), AND rooted in the USA (vs manufacturing and heavy industry). These factors combine to create a super class of tech/finance labor.