I basically agree... but it's a little deeper than just that since if it's entirely due to dollar devluation, incomes would be rising too. I think another big issue is that onerous barriers to entry and monopolized markets (largely supported by government largesse) are causing the prices of certain goods to outpace income growth... sometimes by a lot. You'll notice that the goods I mentioned: housing, medical, education, childcare, are all heavily regulated by the government.