My company has been in the foreign contractor market for a while. I still make a massive US salary. Having been on the hiring team for many of these contractor shops I can tell you that the skill level of contractors in India/Africa/China/Ukraine has another 5-10 years before it even begins to approach the average skill of a seasoned American engineer. For a while my business as an independent contractor was quite literally fixing code written by foreigners because the company thought they could play this arbitrage game.
For example, we've hired several engineers through a very big name, silicon valley backed, foreign contractor firm. They perform at the level of a junior engineer at best.
Some of it is just an obsession with money, yes, but I think there are several drivers. I can really only speak for myself.
1. Healthcare costs: insane even with the good insurance I have. I'm chronically ill (though you wouldnt know it by looking at me) and I have to get a battery of simple tests done every year in order to not have my medicine withheld by my doctor (yes...they withhold it). These tests get expensive, with an MRI costing upwards of $2500 if necessary WITH my insurance. When I was on "public" insurance through an exchange I was paying $700/mo for even worse care. Now I pay $140/mo and that's "good". Because of my income if I lose my job my choices are COBRA (continuing insurance - really bad and expensive) or an exchange. Medicare (true "public" option) does not allow people with a certain level of assets to participate even if they have no income.
2. No guaranteed retirement: social security is simply a coffer congress raids periodically to fund the latest war/vote buying scheme. My generation will most like see significantly reduced and/or no social security according to the SSA. No company offers a pension anymore and most 401ks in tech don't match. This means every dollar you save is exactly what you get.
3. Absurd housing: I got fortunate and bought at the right time (thanks tech salary!) but I still have a mortgage 2x what my parents pay.
I make 4x the average family salary of my state. I still don't feel safe, and will not feel safe until I have paid off my house, saved at least enough for a 15 year retirement, and have guaranteed healthcare.
I don't think we should have a ton of "nanny state" benefits but the absence of any safety barrier at all to fall back on if things go wrong temporarily means that you necessarily have to become obsessed with money. Especially when you sit at the uncanny valley between middle and upper class, as we do in tech, and there really are no safety nets your tax dollars pay for available to you.
For example, we've hired several engineers through a very big name, silicon valley backed, foreign contractor firm. They perform at the level of a junior engineer at best.