> You don't view it as a problem that companies consistently compensate new hires higher than they are their experienced employees?

It depends on the current employee and the incoming employee. They are not interchangeable cogs. Also not everyone consistently provides good value over their tenure -- a lot tend to work hard early and then for various reasons taper off. It's not necessarily their fault, but companies definitely are aware of this.

Personally I tend to value growth of my skillset over growth of income and that has largely informed my movement. I move when there's no longer interesting work if the compensation is at least fair. I've never been about comparing myself to others -- especially when most of my peers' left the industry after 5-10 years.