My father was an accountant. He could afford a house and raised a family of 5 on his salary at age 40, earning ~60k/yr. I'm an experienced developer. I make $200k/yr. I'm raising a family of 4 on my salary and i'm 40. I cant afford a house. Heck, I cant even afford more than a 2br apt.
To me, it is completely meaningless that i earn 3x+ than my dad, the wages have not kept up with inflation. My 200k/yr doesnt buy me as much as 60k did a generation ago.
How is this "no loss in jobs or lowering of wages". If anything this demonstrates that Increasing supply lowers wages.
Who knew, economics was right all along!
So your 200K/year (accounting for inflation) probably buys roughly the same amount in goods and services as your father, but it can't buy real estate, because that has been inflated in an asset bubble.
These asset bubbles (stocks, real estate) are driven by the fact that owners of capital have been able to depress taxation on capital growth, while increasing (in proportion) taxation on income. They have also been able to use the US national debt to let the Fed maintain their asset bubbles.
Not to mention that in your father's day, inflation ate away at debt, much to the chagrin of the debt holders (ie suppliers of capital). Funnily enough, low inflation has meant that lenders do much better than borrowers.
It was also one of the reasons for the Weimar Republic's hyperinflation. They started trying to inflate away some of the Versailles war reparations. Which got out of control, and then some.
https://www.officialdata.org/1980-dollars-in-2016?amount=600...
Also, housing is the one thing that has really shot up in price in many places in the US.
Cars, computers, food, clothing and manufactured goods have plummeted in price.
Education and health costs have also increased substantially.
That is not at all obvious. How would you respond to Elizabeth Warren's "The Two-Income Trap"?