This is a generalization. Salary in Europe is different to salary in the USA for example. I earn median wage currently. Also lots of non degree having devs out there that aren't 6 figure earners.
I don't know why you come up with an ideological statement like that.
The management culture, anti software/nerd mindset among the population and eastern European competition in the offshoring market have a much bigger impact.
E.g. even though Germany is practicing mercantilist beggar thy neighbour export surplus policies, the country has failed to become an exporter of software or be known for quality software. Anyone who wants to work in the software industry is better off leaving the Eurozone and going to Switzerland where they get paid more in addition to the things you claim are the cause.
