That’s not basic economics. Basic economics says that salaries are determined by the demand for labor vs the supply of labor. With more efficiency, each worker does more labor, so you need fewer people to accomplish the same thing. So unless the demand for their product increases around the same rate as productivity increases, companies will employ fewer people. Since the market for products is not infinite, you only need as much labor as you require to meet the demand for your product.
Companies that are doing better than ever are laying people off by the shipload, not giving people raises for a job well done.
Like denying that more efficiency without a commensurate increase in product demand means the demand for labor goes down, which means fewer jobs, and lower salaries? You don’t pay people what they’re actually worth, you pay people what they’ll work for. Requesting more money because you’re making the company more money is only viable if there aren’t qualified people lining up for the chance to take your role. Even without more money, well-paid people tend to regrettably get laid off in those circumstances.
Companies that are doing better than ever are laying people off by the shipload, not giving people raises for a job well done.