If you have an iPhone or an Android phone, you can do things that multimillionaires could only dream of doing in the mid-80s. So when you hear about how our standard of living has decreased, it’s not true. While wages have stagnated in the last 20 years, we actually live much better lives than we did back then.
You have to look at the whole package.
Despite wage stagnation, most people are living much better. How can that be? It is because those reviled capitalists all over the world are creating more and better goods and services at lower cost,