I think the general premise holds, but assuming that you will hit a cap in this, the market is still efficient, this is only noting that a single employer's sys

I think the general premise holds, but assuming that you will hit a cap in this, the market is still efficient, this is only noting that a single employer's system is inefficient. Or that the employer has found job security and loyalty command long enough a tenure that it's worth underpaying. Also the inflation math doesn't work out. $102k => $83k in 11 years vs $106k => $85k in 6 years If the second number were $95k, I'd accept it.