[bishbosh]

I don't think there is a reasonable definition of 'standard of living' that weights phone specs or TV size over access to housing, healthcare, childcare, education.

Technological advances in luxury goods do not make up for outpacing increases in inelastic necessities, even if off set by some abstracted purchasing power parity.

[ryandrake]

Exactly. I can't pay for the huge expensive necessities in my life, but hey, my cell phone and TV are high-tech so my standard of living is great!