Oh you're right, the salary the employee would be getting in this hypothetical would be less than the fully loaded cost.
So the person claiming you can get 2 "great" devs with 10 YoE for 90K/yr is effectively saying there are 2 "great" devs with 10 YoE somewhere in the world who are willing to work for like $35K/yr (or something in that realm less than 45K/yr).
I don't think the market has gotten that bad, but again, I'm not really paying attention to the job market right now.