"lot of people on HN probably see the current low wages as a natural function of supply and demand" - as a former grad student at one of UC's campuses - this is

"lot of people on HN probably see the current low wages as a natural function of supply and demand" - as a former grad student at one of UC's campuses - this is not as simple as you put it. A lot of grad students are international students (like I was) and they simply can't work anywhere else due to their visa restrictions.