I have plenty of evidence, from a personal perspective, that the market is a lot less than it was.
How well is your company doing though - are other groups getting raises? If the company is cutting back, laying off, restricting travel and no one else is getting raises, I would hesitate to complain.
On the other hand, if things are going well and the company is growing, I'd suggest that if you aren't getting annual raises at the rate of inflation, you are taking a pay cut.
There are lots of markets that pay more. Even with 20 years of IT experience, I make less than many building trades people - thats because of supply and demand. In my area the housing market has been full steam ahead for 10 years, and shows no sign of stopping. New immigrants can get an entry job and after three years, make pretty decent money.
But I have enjoyed what I do, and I know that I used to make a great living - I am greateful that I had the good times. And that I didn't over-extend myself.
James