A supercomputer in your pocket doesn't put food on the table, or fix the car, or reduce crime in your neighborhood, or make sure there isn't lead in your water...
Most people use it for entertainment but we really are spoiled with the amount of information at our fingertips. The good will of professionals sharing their know-how online has helped my career grow and made me much more self-sufficient in other areas.
Tangentially regarding wage growth, sure growing some of my food or fixing my car is a net-loss in terms of potential earnings because of the invested time, it's well worth it in other respects. Also, developed countries have a pretty good standard of living already. Needless consumption is a greater problem IMO.
The main cost issues today are healthcare, education, and housing.
And I have covered only one minor thing supercomputer in your pocket does.