This is false. I do not understand how so many people are coming in here peddling this theory with 0 sources. It doesn't even follow basic logic. You're positing that we're spending more while also earning less? Where's that money coming from then?
It's objective that productivity has increased while pay and leisure time have decreased. This isn't a result of any increase in material goods. People are spending less because simply because they're getting paid less.
In 1956 the federal minimum wage was $1 (roughly $10 adjusted for inflation). Today it's 3/4 of that at 7.25.
It's objective that productivity has increased while pay and leisure time have decreased. This isn't a result of any increase in material goods. People are spending less because simply because they're getting paid less.
In 1956 the federal minimum wage was $1 (roughly $10 adjusted for inflation). Today it's 3/4 of that at 7.25.