2/ Punchline: Popular perception is correct. In 1985, the typical male worker could cover a family of four's major expenditures (housing, health care, transportation, education) on 30 weeks of salary. By 2018 it took 53 weeks. Which is a problem, there being 52 weeks in a year. pic.twitter.com/dPxmqNffOm— Oren Cass (@oren_cass) February 20, 2020
The average American can buy a powerful smartphone with all the bluetooths and wifis but that is small consolation when their wages don't cover required expenditures.