This isn't very convincing one way or the other. As the title suggests there are two components to the issue, 'income' and 'wealth'. This argument only looks

This isn't very convincing one way or the other. As the title suggests there are two components to the issue, 'income' and 'wealth'. This argument only looks at the income half and in the process conflates the two terms. Income can't tell the whole story by itself. For example if you own your home outright, your living costs will be substantially lower than someone who has to rent or has a mortgage. In other words having wealth allows you to substantially lower the income you need for the same standard of living. This argument doesn't account for wealth at all as I'm reading it.