I agree with you that gains in income will be absorbed. Providers of necessities can demand large portions of people’s income due to lack of supply. It’s a bas

I agree with you that gains in income will be absorbed. Providers of necessities can demand large portions of people’s income due to lack of supply. It’s a basic monopoly. We see that in real estate, health care, education, elderly and child care. They can’t charge endlessly because at some point people are priced out. Homelessness, lack of education, delaying medical care until an emergency and relying on laws that non-payers cannot be denied treatment. But they can travel up the supply demand curve and take from everybody that can still afford it, because the supply is constrained. TVs are cheap, because of competition from overseas. Land or health care prices are not.