[WillPostForFood]

real income has barely budged since the 1970s

This is not true. Real income has more than doubled since 1970.

https://fred.stlouisfed.org/graph/?g=o1gV

All the increases have been siphoned off to feed the ultra-wealthy

No, the productivity gains are eaten up by expensive items with low perceived value. You don't think about the $1000 catalytic converter in your car, or $5,000 set of airbags. You just think you are paying more to do the exact same drive to work that you could have done in a $2,000 1970s car. And that's true! Nonetheless, there is real added cost and value to the car.