[somenameforme]

I mostly agree, but I'd argue that this is largely because of funny money. Check out this great site. [1] The event it's alluding to is the end of Bretton Woods, which is the point that the government completely unrestricted in their ability to 'print money'. In an economy it may or may not be true that money trickles down, but it's indisputable that it gushes upward. And so each time the government dumps trillions of dollars into the economy, that money makes its way straight to the top in very rapid fashion.

Next thing you know you have people and companies that literally have more money than they know what to do with. And then government and industry become increasingly incestuous as politicians filter money to various companies while in office, and then those companies not only stuff their election coffers full of money, but then have cushy 7+ figure 'advisory' roles for these politicians, or their inner circle, once they leave office - sometimes not even waiting for that. And then the government ends up printing endless amounts of money to keep this businesses afloat after they come crashing down to their own incompetence, completely wrecking the natural process of progression over time. All the while the stock market continues to reach record highs even in the midst of an economy destroying epidemic simply because it's all fake and driven on endless speculation, backed by endless injections of funny money.

And then on top of all of this you have various meta-effects. For instance when you live in an economy without much inflation or deflation, it's practically impossible to lower wages simply because people won't accept that. But in an inflationary economy? Somebody might even be happy about earning 25% more than they were in 2020, when in reality that means they've actually taken a pay cut thanks to inflation. And inflation is driven by the excesses of funny money.

And an inflationary society also strongly incentivizes the hoarding of things which, in turn, drives rent seeking behavior. Your things become worth more over time, but money becomes worth less over time. So you want to accumulate as many things as you can and rent access to them. Whereas in a stable or deflationary economy, things remain a comparable cost or even become worth less over time - so there's less motivation to hoard things and more motivation to hoard money.

[1] - https://wtfhappenedin1971.com/