Outsourcing everything is what's really destroying the salaries in "advanced" countries. And high inflation seems to go hand in hand with the domestic economic shutdown and trade imbalances.
Worry not we started to outsource to India as well...
My wife's company (low code domain-specific software creators) laid off 80% of their workforce and contracted a smaller amount of people from India.
It's not going well but I bet it's gonna take at least a year before anyone notices.