It is true that credit is a lot easier to come by, and given American's trade deficit/capital account surplus, a lot more money across the world is flowing into

It is true that credit is a lot easier to come by, and given American's trade deficit/capital account surplus, a lot more money across the world is flowing into the US, like crack into a poor neighborhood, obviously increasing borrowing above what it would have been in the 70s. I'm not sure how to square this, it pollutes the data. It does seem to me however, that given the loss of manufacturing jobs, and the increase in low end retail / service jobs, that there has been downward pressure on wages.