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I wonder if all company owners just fire everyone and replace them with AI, who will pay for their products and services?

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They already tried by not raising inflation-adjusted wages for 50 years, and the solution to that problem was: lower the interest rate and push people to borrow to consume.

Inflation adjusted income has risen pretty consistently. The stat people sometimes cite for that is household income which has more to do with changes in average household size rather than changes in wages

Real disposable personal income per capita (which accounts for government transfers & subsidies, hence the big Covid spike) has also been on a steady incline.

https://fred.stlouisfed.org/series/A229RX0

Median household income has doubled since only 1994.

https://www.statista.com/statistics/200838/median-household-...

Does that also hold up for the bottom quintile?

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