Sure, I agree that the products in my life seem better than the products I would have had in the 70s. I am just wary of this argument because it becomes an argument for substitution (which is one way that government fudges the effect of inflation on the poor)... There are also a lot of things you aren't taking into account. In 2016, your phone costs $100 and has to be replaced every two years. Your phone in the 70s might probably still work today (I think most PBXs still support rotary). Has the improvement in quality of life tracked this increased cost?

Sure, purchasing power has increased massively for fancy new 2016 products like cellphones, TVs and gadgets. Unfortunately it's also plummeted for old-fashioned 1970s-esque products like food, fuel to go to work, and a roof over your head and even though it's 2016 people still need those products. Having a 42" television for a price that would have seemed astonishing a few years ago is little help if you can't feed your family and can barely pay the rent.

Not true for food or energy, hard to find (imputed) rent vs income.

http://www.npr.org/sections/thesalt/2015/03/02/389578089/you... https://www.eia.gov/todayinenergy/detail.cfm?id=10891

In the 70's a family with only one breadwinner earned enough to pay for a mortgage as well as all the other food and energy.