True, in an economic downturn employers are all too willing to lower the payscales in hopes that desperate folks will accept anything even remotely close to their needs.
My current employer uses this "rationale" to explain why we aren't getting raises or higher raises. Granted, it's their prerogative whether I get one or not, but don't attempt to insult my intelligence by lying to me about it.
In my experience, I've seen that when there's a surplus of labor, the rates go down. When there's a shortage, the rates go up.
I do recall my shop classes quite fondly. About the only classes I took where I felt that I actually learned something of value.
Most employers know very little about managing people and they don’t want to either. They know the cost of everything and the value of almost nothing.
They want top shelf people for bottom dollar price and then they wonder why they are unhappy and leave for the next better opportunity.