Just to put an end to the argument about what people could afford at different times.
As someone who works with econ data every day, I will say that it is a fact that that income has not kept up with general price increases. An average worker is way worse off today than 30-40 years ago. Please remember that statistics are just numbers and they do not speak for themselves, there are a billions ways to slice the same number. I will just show one chart to make my point.
Also, I don't want to sound rude, but please don't tag me with counter arguments, I know all of them. An average worker
is worse off, and its one of the
basic facts that anyone who remotely works with international econ data knows.
Here is a brief conceptual explanation why it is the fact also:
All the economic models that are currently used at central banks and governments always strive to achieve an efficient outcome. In economics, the definition of "an efficient outcome" is such an outcome where nobody can be made better off without making someone worse off. Therefore, if we live on an island with only 1 banana tree, and I own that tree with all of the bananas, and you all guys starve, that is an efficient outcome because you cannot make anyone better off without making me worse off. Therefore, you must understand that under the current economic paradigm,
it is a systemic design that the big/rich will be getting bigger and the poor poorer. You can do things to offset it (subsidies, transfer payments, tax bracket etc etc) but it will not change the
structural trend.
Please also note that I am not saying that the system is good or bad, or that the rich people are good or bad, I am explaining why things structurally the way they are.