Many social factors often external to the economy would negatively change our understanding of our "standard of living" if included. In the USA, if you only look at the nominal median wage and then subtract the inflation tracked by the Consumer Price Index then it seems like the male median wage peaked in 1973 and family income peaked in 1999. But the CPU does not track rent, and the peak year for the ratio of wage to rent was 1958, which was also the peak year of the Baby Boom (and obviously those 2 facts are linked).

If you were to also track the social changes that have increased the scrutiny on mothers (and parents as a unit), the question would arise if real, meaningful family income actually peaked in 1999. Perhaps it was in decline a long time before that?

I was in kindergarten in 1972. I grew up in an affluent, white neighborhood in the suburbs. At that time, it was thought normal that the children should walk to school on their own. The school was exactly 1 mile away. My parents kissed me goodbye at the door of our house, then I joined up with my friends, and we walked to school. Yes, we were 5 years old.

Any parent who does this nowadays will be arrested, but at the time it seemed safe because everyone did it. I never walked to school alone, I always walked with my classmates. I'm told that Japan is still somewhat like this, but obviously the USA has changed.