A generation ago, there were fewer superstars and celebrities. The gap between the earnings of celebrities/superstars on the one hand, and the median middle class household on the other hand, was much narrower.
In those (good old) days, it was possible for many households to function productively with only one income. Now we have more superstars/celebrities, the compensation of these superstars/celebrities is through the roof, the gap between the median superstar's income (actor/actress, athlete, sportsperson, cable/TV talking head, etc) and the median household income (even with 2 incomes in the household) is wider than ever.
Welcome to the new (upside down) normal.
Read More