The article makes a decent rationalization for someone currently near the top of the income distribution to feel better about themselves. It doesn't take away from the increasing inequality argument, though - gains are still disproportionately to the top even if different people.
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If you look at incomes without wealth, you are missing important pieces of the story. Wealth means you don't need more income sometimes.
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This is one of Thomas Sowell’s great criticisms of the way this data is generally used. The other criticism is that household income is always used rather than individual, which doesn’t make sense for capturing wage growth.
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