I agree with this, but the problem is always framed as a problem of income inequality. We have an income inequality problem for sure, but at the low end of that spectrum, the problem is cost of living.
For the past 50 years, the following things have outpaced generally used inflation indicators: housing, education, health care. Basically, the inflation experienced by poor people has drastically exceeded the inflation experienced by rich people.
Incomes for our lower quantiles is often higher than countries with comparable gdp/capita. But those incomes don't translate to a comparable standard of living.
For the past 50 years, the following things have outpaced generally used inflation indicators: housing, education, health care. Basically, the inflation experienced by poor people has drastically exceeded the inflation experienced by rich people.
Incomes for our lower quantiles is often higher than countries with comparable gdp/capita. But those incomes don't translate to a comparable standard of living.