The Economist on 12.11.2016 number (first number after getting US election results) wrote: "In real terms median male earnings are still lower than they were in the 1970s. In the past 50 years, barring the expansion of the 1990s, middle-ranking households have taken longer to claw back lost income with each recessions. Social mobility is too low to hold out the promise of something better. The resulting loss of self-respect is not neutralised by a few quarters or rising wages".
Are there economic data that supports the thesis "more than 50% of the lowest income society today lives worse than 50 years ago"? Of course - I have temptation to ask the following as well: and if yes - then what are the reasons of such failure of economic development and what economists suggest to do about this? But I will leave those two questions for other posts if the thesis will be true.
My intuition is that this thesis can be true. It is true, that computers, smart phones and other electronics are more available today but if we factor all the costs of living - starting from the bloated housing and real estate prices, increased cost of medicine and tuition fee then the result can be true - lowest income part of the society is living worse than 50 years ago when lasers, semiconductor technologies and lot of other technologies were nascent only.
