There's also been a massive increase in the standard of living since the early 1900s. Refrigeration (both for food and buildings), telecommunications, computers

There's also been a massive increase in the standard of living since the early 1900s. Refrigeration (both for food and buildings), telecommunications, computers (all the entertainment you could ever want at your fingertips!), health care, transportation (cars; trains; air fare, while expensive, is still far less costly and is much than a horse or ship over a very long distance). We also expect higher standards in many areas. Regulation increased costs but it also keeps our food and medications water free of contaminants. Auto safety standards keep cars from becoming death traps. All of this costs money, but would you argue the regulatory standard of the early 20th century produced a superior quality of life for the average person? Truth be told, there are only two real expenses in society these days: housing and health care. Maybe we can automate medicine to become as relatively cheap as transportation and information/entertainment has become, but housing will be harder, as per the aforementioned regulations. For example, my girlfriend and I are moving into a 1br which could easily support a second bedroom in the back study, but because that room doesn't have any Windows, by law it cannot be a bedroom. Also, the costs of housing and general rents are passed along to the consumer, so it affects everyone.