No they can’t otherwise wages would have been up 30% in the last 5 years

Wages, globally, are up at least that.

Right now, wages in the US are much higher than most other parts of the world, but the fundamentals behind that are quickly disappearing. If I can hire equivalent talent in the US for $100k, EU for $50K, and Asia for $10k, that's a market friction. It's slowly levelling out.

As that's happening, and cheap goods / services from outside the US are no longer cheap, our purchasing power goes down.

How what? Salaries have been adjusted as frequently as hourly in places that experienced hyperinflation.