[randomcarbloke]

no it is an identical plot on the graph, not an overstatement at all.

The standard of living for the median worker has improved significantly in forty years let alone two hundred, lifestyle inflation is definitely rapid as you would expect with progress, wage growth has outpaced inflation for everyone but public sector workers.

Bad as things may seem now, we are all richer than ever before.

[grafmax]

Productivity has grown. But that has more or less stopped going to the median worker since mid-70s (post inflation). This is known as the pay-productivity gap. There has been some increase, but most of the gains have gone to the wealthiest. Our issue today isn’t productivity. It’s redistributing the gains from the wealthy minority who have received the lion’s share to the rest.

And you mention being richer. We also have an unfolding climate crisis, authoritarianism, mass surveillance, and the real possibility of imminent nuclear war (brewing now with China). All these things are the result of a wealthy minority controlling policy for their own interests. And the wealthy minority has gotten there through the same market mechanisms that exploit workers and concentrate wealth. Are we better off when we are much closer to our own self destruction? It’s this wealthy minority that has brought us here. Their relative power continues to grow.

In fact, many of the gains in wealth we have seen are not the result of markets but either savvy government policy or the result of people pushing back on the power of the ruling class. Markets have good and bad sides. It’s best to take off our rose colored glasses and see markets for their good and bad.