I think everyone has quibbles about the CPI. Ultimately though, it would take a lot of cherry-picking to make it seem like overall cost of living has gone up 3x while wages have gone up less. As a counterexample, an NES game in 1990 cost $50 new (in 1990 dollars! Not adjusted for inflation). Battlefield 6 cost $70 new this year (in 2025 dollars), and there were widespread complaints about games getting "too expensive." In real terms games have become massively less expensive — especially considering that the budget for Battlefield 6 was $400MM, and the budget for Super Mario World in 1990 was less than $2MM.

There are a zillion examples like this. Housing has gone way up adjusted for inflation, but many other things have gone way, way down adjusted for inflation. I think it's hard to make a case that overall cost of living has gone up faster than median wages, and the federal reports indicate the opposite: median real income has been going up steadily for decades.

Housing cost is visible and (of course, since it's gone up so much) painful. But real median income is not underwater relative to the 90s. And there's always outrage when something costs more than it used to, even if that's actually cheaper adjusted for inflation: for example, the constant outrage about videogame prices, which have in fact massively declined despite requiring massively more labor to make and sell.