This may be the dumbest article I've ever read from McArdle, and that's not a low hurdle.
It reminds me of the "well $500k isn't really wealthy; once you subtract your $5k mortgage, your two $1000 car payments, your annual $10k vacation, maxing out your 401(k) and your IRA's, private school tuition, why, you're barely left with a few thousand a month!" type arguments