Correct. The people we're talking about - Ivy League alums, the children of professionals, immigrants, and people who want to be like them - are much likelier t

Correct. The people we're talking about - Ivy League alums, the children of professionals, immigrants, and people who want to be like them - are much likelier than the average American to drive their wealth into assets and savings. Housing prices, stock prices, retirement portfolios would balloon, not (for the most part) the prices of everyday goods. Which is what happened; the wage-price spiral that we did see was largely localized to Silicon Valley/San Francisco (and, to a lesser extent, a few big cities). Until the Sept. '19 repo crisis and then the pandemic, of course.