I agree it is far from an open & shut case; that’s why I went with “may” in my headline instead of more common argumentative & definitive language :) The idea has been something percolating in my mind for a while…but I haven’t yet done any kind of empirical testing. I looked around on FRED but couldn’t find any good data series of median wages that went back very far. There must be some kind of historical BLS data, though. Maybe one day I’ll figure out that magic google incantation that leads me to it!