It does for a lot of people. It is hard to qualify data for a nation of 300 million. For example, in dense urban areas and states with a crippling tax burden, such as California, the cost of housing will erode salaries faster than inflation.
Elsewhere in the nation, salaries are doing well.
For example, I retired in my 50s, debt- and mortgage-free, and own a lake-front home on sizeable acreage, all from a job that only requires a high school diploma.
Pay is not the critical issue, but rather, the cost of living. I live in a state with no state income tax, a healthy economy, and decent (for the most part) leadership.