You can make more money and still have lower QOL because of higher COL - like with housing prices, which have shot up much more than incomes have.
https://twitter.com/johanknorberg/status/1780892502070898828
Nonetheless, this meme has reached the level of conventional wisdom, so any response feels a bit like trying to empty the Atlantic Ocean with a thimble.
The ultrawealthy know that there is no way to sate the desires of the poor to tax the rich but they can get away with pretending that "the rich" are exemplified not by them by people earning $150k with no assets and lead the charge to tax them to the hilt.
Yes, wealth inequality is increasing. There is more variation in that set of 50 year old gen-x'ers than there was in that set of 50 year old boomers.
But on average and normalized for age, younger generations have both more wealth and more income than older generation.