Yes, this is right. Large increases in the workforce have increased the supply, reducing real wage growth, household earning has grown by adding a second earner. More work is getting done to get the same economic outcome. Put one way, this is terrible for wage earners, out another it is excellent for spenders since the thing you can buy have gotten cheaper through plentiful labor.

With children staying with their parents into adulthood and earning a wage, we might even speak of 3 wages per household.

This might be compensated my the raise of monoparental households.