It depends on how you look at it. I don't have data that goes back that far, but the graph in this article should be of interest to everyone:

https://www.forbes.com/sites/timworstall/2016/10/03/us-wages...

Essentially, up to the 1970s, wages followed closely with productivity. Quite suddenly, wages stopped growing while productivity has continued to grow with no sign of catching up.

Take a look at this chart from the BLS:

https://pbs.twimg.com/media/DJ9l_q6VYAERRDt.jpg

What we can take from that is while prices for certain things have declined(e.g. technology, new cars, software, toys, clothes), the price of arguably more important things (child care, medical care, college tuition, textbooks, housing, food) has gone up. Sure, we've been bearing those costs, but the maximization of profits from those expenditures will inevitably cause an adjustment when Americans can't pay for those things anymore.

Americans might technically have a higher buying power than 1900, and especially 1930, but not necessarily in every area or even the areas that are important. If we were to say that Americans have more access to food, clothing, computers, education, etc., it doesn't mean that Americans are actually paying for those things; a lot of the wealth we think we have is coming from record amounts of debt that were unseen in the early 20th century. The things that make it seem like we have more spending power than we did a century ago are being made possible by what could be a ticking time bomb.