Evaluating what they want in terms of what they have is not unreasonable. Hours worked x productivity would be a better gauge going forwards.
Discussion
To put a bit more meat on the post..
You can't compare the past, future or present value of money that is becoming cheaper over time with money that is becoming harder over time.
It's the same fallacy as "I wish I'd bought bitcoin at a dollar - but I wouldn't buy it today"