It's not that wages haven't kept up with general inflation, it's that wages have not kept up with asset inflation. So your 200K/year (accounting for inflation)

It's not that wages haven't kept up with general inflation, it's that wages have not kept up with asset inflation. So your 200K/year (accounting for inflation) probably buys roughly the same amount in goods and services as your father, but it can't buy real estate, because that has been inflated in an asset bubble. These asset bubbles (stocks, real estate) are driven by the fact that owners of capital have been able to depress taxation on capital growth, while increasing (in proportion) taxation on income. They have also been able to use the US national debt to let the Fed maintain their asset bubbles. Not to mention that in your father's day, inflation ate away at debt, much to the chagrin of the debt holders (ie suppliers of capital). Funnily enough, low inflation has meant that lenders do much better than borrowers.