Dividends from equities will grow over time. Bond income will not. Inflation is the inevitable long-term outcome of the U.S. Government's monetary and fiscal policy. Inflation will eventually destroy the income produced by bonds. Inflation temporarily affects dividends, but eventually dividends catch up with inflation.
For inflation protection and growing income streams, income investors should have dividend-producing equities in their income portfolio.
Caveat: Dividends have gone down recently, but if history is a guide, dividends will be restored over the coming years.