I don't know about WW2 USA, but 1970s USA was wealthier - wages have not kept up with house prices [1], car prices, education, gas [2], or rent [2,3]. But GDP is up...
I assume you’re not trying to be intentionally misleading but those graphs do not support your assertion that the US, presumably referring to the average American, is less wealthy today.
You can’t just cherry pick things that have become more expensive and ignore the many things that are cheaper when making such a general assertion.
Here is a better source for your reference:
In comparing household incomes of the middle class in the United States in 1980 to today, we conclude that real incomes for today’s middle class are somewhat higher than they used it to be, particularly for households headed by two adults. It is also clear that failing to adjust for demographic shifts in the population relating to age, race, and education can indicate a more positive outlook than is truly the case.
We find, as in prior research, that prices in housing, healthcare, and education have risen more than middle-class incomes and so are relatively more expensive. However, we also find that these price increases are offset by relative price decreases in transportation, food, and recreation, among others, making real middle-class incomes slightly higher than in the past.
>I don't know about WW2 USA, but 1970s USA was wealthier
You mean the average american was wealthier in 1977. The USA of today is wealthier than the USA of 1977, just that the wealth in more unevenly spread. Maybe fixing wealth inequality is something to look into, but who am I kidding, we both know that aint gonna happen.
You can’t just cherry pick things that have become more expensive and ignore the many things that are cheaper when making such a general assertion.
Here is a better source for your reference:
In comparing household incomes of the middle class in the United States in 1980 to today, we conclude that real incomes for today’s middle class are somewhat higher than they used it to be, particularly for households headed by two adults. It is also clear that failing to adjust for demographic shifts in the population relating to age, race, and education can indicate a more positive outlook than is truly the case.
We find, as in prior research, that prices in housing, healthcare, and education have risen more than middle-class incomes and so are relatively more expensive. However, we also find that these price increases are offset by relative price decreases in transportation, food, and recreation, among others, making real middle-class incomes slightly higher than in the past.
https://www.clevelandfed.org/en/publications/economic-commen...