Well, you're both right, sort of. Most people aren't making SV-style money out of college; they really should be paid more. But the ones that are making those types of salaries, should absolutely be paid less. So should their seniors. So should their managers, and their C-suite. And everyone else - particularly in "low skill" positions - should be making more.

I listen to the details of the lifestyles of high-earning young people - international trips, 3- and 4-figure tech purchases on a whim, $60k cars, a house - and compare that to the young people I worked with in (sales-oriented) retail: working multiple jobs to make rent; paying off bare-survival-related debt; in one case, our manager having to gift a top performer a (beater) car because she simply could not have afforded one otherwise, just so that she could leave work and get home in a reasonable amount of time (she was never late for her shift). These were the people who still physically showed up to work while everyone else locked down.

There's too much money in the top tax brackets. Compressing inequality solves a lot of problems. Including yours, actually: when both senior and junior engineer time is less valuable, as a rule, the less pressure there is to squeeze productivity out of every moment. Take a pay cut and work fewer hours. Let some of that money that was left over get taxed and put into a grant to rebuild infrastructure or fund the arts.