> real income dropping so individuals have much less spending power - which is something that has been happening for most of the population since the late 70s?

> real income dropping so individuals have much less spending power - which is something that has been happening for most of the population since the late 70s? This isn't true, though, even if you restrict to the US? Here's inflation-adjusted median individual income: https://fred.stlouisfed.org/series/MEPAINUSA672N https://fred.stlouisfed.org/series/MEPAINUSA672N It's up 40% since the late 70s.