Wonder who these "clients with significant cash" are. jews, chinese, arabs...?
Basically everyone holding T-Bills, Treasury Notes, and I-Bonds.
Where do you think the huge gain in productivity over the last 20 years went? It didn't go to increase wages.
The "muy wages" argument is misleading. Total compensation has trended steadily upward with productivity. The lion's share of total compensation benefits have been allocated to non-cash benefits (health insurance, vacation time, etc) because fat Americans want to suck down beetus juice and go on vacation more than they want wages.
Additionally, wage increases disproportionately benefit the most productive. The more technologically advanced an economy is, the more knowledge worker skills scale. E.g. if a factory worker becomes 5% more productive, at most he's going to increase his pay by 5%. Call it $1/hr. If a programmer writes more efficient code which increases the output of the entire assembly line by 5%...that aggregate productivity increase is 5% times the hundred people on the line. Call it $1/hr * 100 = $100/hr of additional productivity.
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