[sarbaz]

GP's point wasn't about inflation but about growth. So for a rough estimate you should be looking at the rate of GDP growth rather than the rate of inflation. Since GDP per capita grew 30x since 1950, you should be comparing the 70k wage to a family income of approx 100k.

If you look at inflation only, that is equivalent to saying that workers should have gained absolutely nothing from technology and efficiency gains made in the past 70 years. But obviously we know that workers are far more productive today than they were in the 50s, and the extra productivity per worker is reflected in GDP.