We don’t earn more than people in the US do, it’s less even when you factor in cost of living differences. If you focus on some sectors like IT that I work in, the differences are eye watering.
Sorry, but I think you're way off here.
As important as it is, the economy and the job market is much greater than the IT industry. As with any job, if you're making money, the company will pay you to keep making money in any competitive market. Tech makes money. Investors want more. High earners keep the money train rolling.
My industry is healthcare. The starting salary for a New starter within my profession is MORE in the UK than the average salary across the entire US, as per Indeed and Forbes.
You mention cost of living, but it's much cheaper here. Have you seen the pricing in US Supermarkets Vs. UK? If you think it's cheaper here, I don't believe you've been to any local supermarket within the USA. It's significantly higher for most products.
Some examples: (Walgreens Vs Asda). Cheapest in bold.
Drinks
2 Litre Coke Zero - $3.39 (£2.72) -
UK price £2
Tropicana Smooth 52flOZ - $5.29 (£4.25) -
UK Price £4
Ocean Spray Cranberry 1.8L - $4.99 (£4.01) -
UK price £3.70 (2L)
Food
Campbell's chicken soup - $2 (£1.61) -
UK price £1.50
Ground Beef 20%fat - 453 Gram - $6 (£4.82) -
UK price £2.49 for 500 Gram
Bacon - 16Oz - $8.99 (£7.22) -
UK price £3
White bread Loaf - $3.99 (£3.20) -
UK Price 90p
Jasmine Rice 5lb - $8.99 (£7.22)-
UK price £7 for double (5KG)
Barilla Spgehtti 450g - $2 (£1.61) -
UK Price £1.50 for 500g
Pringles - 1 tube - $3.49 (£2.80) -
UK price £1.85
Grated cheese 8oz - $3.99 (£3.20) -
UK price £2.40
Alcohol
12 bottles of Stella - $15 (£12.05) -
UK price £10
4 cans of Jd & Coke - $13.50 (£10.84) -
UK price £6.60 (£8.80 NOT ON OFFER)
Average kWh may be lower in USA, but then again we have reduced pricing for EV's with smart meters etc.
It's also proven the cost of living is higher in the US, with a much greater change when it comes to city life. For example, you would need to earn £3,700 a month in London vs £4,700 in NYC to have a good quality of life
The cost of living is generally higher in the US than in the UK because of the costs of housing, healthcare, utilities, and more.
iasservices.org.uk
Finally, this doesn't take into account our healthcare benefits, state pension, Holiday entitlement etc. My friend in Florida gets 10 days holiday/year. I get 33 (plus bank holidays). That's 4.5weeks extra paid leave. In effect, My friend works 250 days/year and I work 227 but get paid more.
TL;DR - Cost of living is higher in USA, and in comparison, Wages aren't higher across most industries. More paid time off work in the UK. IT Salaries are not a sound point of reference.