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I do not agree that there has been a general decline in purchasing power. The average size of houses has increased substantially. The range and quality of consumer goods has been significantly augmented: computers, cellphones, plasma TV, high tech sneakers. The problem is that many people have an entitlement attitude regarding consumption.
Case in point: Here in Oaktown, I see "Poor Minority Kids" wearing the inevitable $150 pairs of Nikes. Living beyond one's means is nonsensical at any income level.
I will agree with you that the average family does have to work harder to maintain its lifestyle - but the reason is due to the doubling of the total tax burden over the past half century. Instead of huffing and puffing about The Evil Rich, I'd rather reign in unfettered government growth.
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