With all due respect, you're interpreting what I say in the most negative light possible, and I don't think you understand the point that I'm trying to drive through.
Programmers can add immense value relative to the cost of employing them. There are many ways in which this surplus could be reinvested. Unfortunately, it tends to be invested in tolerance of mismanagement.
We're capable of adding value at 5x our base salary (and that's a low estimate; 20-100x is defensible) but this gives corporations an excuse to run us at ~20% efficiency.