When discussing labor you would need to discuss return on investment. The reality is that a lot of people don't like reading or better yet, rather consume other mediums like TV or even radio. Not that this mediums don't need writers, but this put other salaries between the writer and the consumer.
The next point is more precise, supply and demand. With the internet and the rise of blogs and social media, writing became a very crammed space. Between the journalist, bloggers or twitters. Most of the supply for written material is too abundant to retain the same value.
Most people will read crappy writing thinking is great and viceversa. In any case the value has shifted away from the quality of the writing. And the attention it deserves. So the value will need to be splitted or shared across the ecosystem making it less valuable.
This is so much True, the demand indeed is really poor now, I can bet you are 100% right when you said people don't like reading much.
In this case, what do we do as writers? I'm just so curious!
Go into different fields. Learn code, so much demand for writing code. I'm sure there are lots of things that has a lot of demand and the few that satisfy them are drowning in money.
I'm currently taking python programming course, and I'm so excited how it's going!
I started two days ago, and I will be dropping my second post about my program.
Thanks so much @jza 🤍