Trickle down economics, as a theory, has been around well over 100 years, and it’s never been believed in by everybody. Hell, a presidential candidate gave a speech against the idea in 1896
You’re correct about misinformation having been around forever, but access to and ease to create misinformation is greater than ever before thanks to the Internet.
I’ve never had a job where my wage kept up with inflation. My annual raise was always below inflation, and I felt lucky to get annual adjustments at all.
I suspect this is simply an artifact of math. The rich get richer and the poor get poorer, and as long as the average of the two looks good then the people in charge can nod their heads, say “good good,” then go spend a week on their yacht.