@djc @walruslifestyle @clacke i think boosters overstate its current significance. yes, stronger wage growth at the bottom in percentage terms, and therefore some compression of "wage inequality". but in dollar terms, stronger wage growth at the bottom doesn't translate to more actual income growth at the bottom. and the upspiraling asset economy is an inequality and predation machine.

@djc @walruslifestyle @clacke also, at a perceptual level, the degree to which wages are ground down by inflation seems much higher at the bottom than the top. 1/

@djc @walruslifestyle @clacke high earners see nominal growth of the portfolios by the nominal dollars they save. smaller growth in their overall income translates to high percentage growth relative to the subset of monthly inflation-affected expenses. lower-income people see higher wages eaten completely by expenditures, buying surprisingly little more than lower wages did before. /fin