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People who think actual buying power has stagnated do not realize how much the "normal" or "average" lifestyle has changed.
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Yep, that's the key point. Dollars and inflation is meaningless, as is, to an extent, consumer debt. Economists talk about "utility" and that's the bottom line.
Don't pick off a couple of sound bites like POP did. You can find an example of anything if you try hard enough. But Americans have never lived better and had more from less than they do now. More debt? People have more debt because they can. Markets have evolved immeasurably since the '70s when Dad had his BankAmericard or whatever. And his 10% mortgage.