...I don't think he ever made $700,000 a year. Take a look at the article.

http://jobs.aol.com/articles/2011/09/07/nyc-sewer-worker-makes-772-000-in-one-year/

It's very difficult to compare 1950's wages to current wages but it's safe to say if Ed was making that kind of money he and Trixie wouldn't have been living in that old apartment building!