05-05-2016, 08:50 AM
Well that's good to think that. A very positive, up-beat outlook on the world. And we could certainly say that in some senses it is true. Well, at least one sense I can think of: that there is new "stuff" now available today which could not be bought 40 years ago, due to technological changes.
Unfortunately, in the core sense, the most (IMO) relevant sense, and the sense which your statement implies, what you are pretty sure of is not true. Or perhaps it is just barely true (+/- 10%). Real wages; that is, wages in real terms; that is, "how much stuff can you buy with your wages" -- real wages have stagnated in the US for the past 45 years or so. So in truth a laborer in the US can buy the identical amount of "stuff" today as 40 years ago (again, approximately, +/- maybe 10%).