The problem is that a big chunk of it is college-educated knowledge workers having their wages driven downwards and not understanding that they have class interests. Instead, many of them buy into titles-over-pay and are happy to receive lower pay over time adjusted for inflation so long as they earn just a bit more than non-college workers. And it is “just a bit” after you’ve bothered to adjust for the costs of the education ratchet and the fact that increasingly these knowledge workers are talking themselves into 2-3 degrees before getting that first job.
It doesn’t have to be this way, they could demand to be paid in money rather than ego-boost of making a few pennies more than those despised not-college types who probably don’t even have decent politics. But it would mean they’d been bad at being smart and were instead talked into, er, voting against their own interests.
This is, by the way, misleadingly represented on the fringe socialist left as “professional managerial class” or “pmc”.