Bear in mind other things apart from "cost of living" come into effect here.
In the USA people tend to have less vacation and almost no "notice period" should they be fired or the company go under. Sick pay is another one, in France or the Netherlands being sick would require significant support from your employer for a very extended period - in an "at will" state in the USA you are probably just facing massive medical bills with no support.
Let's take an example from the UK. You can become a contract developer - earn £400 a day. No sick pay, no holiday (that you aren't paying yourself for) and until recently you could game the tax so that £400 was more like £500. But you have to keep changing jobs and there is risk if you are older and more likely to fall ill. So lots of people take permanent jobs - lower basic pay but holiday, sickness cover, redundancy cover etc.
My point is, not sure you can just pick a market and go "that's the reference" because that is probably massively unfair to people who have high costs of living and can't change that because of their families etc. Why should an American suffer with massive health insurance costs meaning that their effective standard of living is lower than someone in the UK with no medical bills at all? Does not seem equitable to me.
Paying at a level that for a local area means you can have a reasonable home, reasonable car, be protected for your health and then equalising disposable income per job would seem fair - but there is a massive cost in itself just maintaining that.
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Bear in mind other things apart from "cost of living" come into effect here.
In the USA people tend to have less vacation and almost no "notice period" should they be fired or the company go under. Sick pay is another one, in France or the Netherlands being sick would require significant support from your employer for a very extended period - in an "at will" state in the USA you are probably just facing massive medical bills with no support.
Let's take an example from the UK. You can become a contract developer - earn £400 a day. No sick pay, no holiday (that you aren't paying yourself for) and until recently you could game the tax so that £400 was more like £500. But you have to keep changing jobs and there is risk if you are older and more likely to fall ill. So lots of people take permanent jobs - lower basic pay but holiday, sickness cover, redundancy cover etc.
My point is, not sure you can just pick a market and go "that's the reference" because that is probably massively unfair to people who have high costs of living and can't change that because of their families etc. Why should an American suffer with massive health insurance costs meaning that their effective standard of living is lower than someone in the UK with no medical bills at all? Does not seem equitable to me.
Paying at a level that for a local area means you can have a reasonable home, reasonable car, be protected for your health and then equalising disposable income per job would seem fair - but there is a massive cost in itself just maintaining that.