Back in 1990, I was working for a company basically doing basic network admin and helpdesk type functions. I was making in the $45K+ benefits and was doing pretty well. Over the next 15 years, I learned more, took some classes, etc and slowly advanced to network administrator and ultimately network engineering. (As a side, I got burnt out in 2003 and got away from the IT industry all together, but that is a different story.)
Today, if you look at helpdesk positions, they pay in the range of $9 per hour to $11 and hour and the companies are filling the positions with competent people. Again, these people are doing the same work I was 15 years ago, for a third of what I was getting paid.
Are the people who take these jobs undervaluing the IT industry, or has the industry changed to the point that the job is only worth $10 an hour? Can I still get a position handling helpdesk functions and still make $50,000. Absolutely, but I will be doing more than just help desk.
Now apply your answer to the photography industry. Times are changing and just because you can not "live and run your business on $50,000 a year" does not mean that the market has not and is not continuing to change.
Finally, are you losing work, having to lower your price, or give more product, because of the "$200 photographer" or because of the economy in general? Be honest with your answer. Chances are the $200 photographer has nothing to do with your market
Just my 2 cents (or $25 depending on who is paying!)
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