It took one worker in the household to pay the bills; now, two people work and can't make ends meet. Mortgages were 15 years, not 30. The savings rate was extremely higher; now the savings rate is negative. America had little debt, and consumers had little debt. College education could be paid for with a part time job; now we're sitting on $1.2 or so trillion in debt on that end alone.
The minimum wage was equivalent to over $40,000 in 1967. Now a decent job pays that.
Using nearly any measurement, even the bogus CPI from the Feds, you find that wages peaked in about the late 1960s to 1970. And meanwhile, we've had to accumulate vast amounts of debt just to maintain these levels, so in real terms the standard of living has plunged.
In the 1960s, America had roughly half of all global manufacturing to itself. A lot of that was due to our manufacturing base surviving WW2 fully intact. However, we saw the benefit of that, and it showed up in the form of jobs and wages.
Now, welfare program dependency is at all time highs. Poverty rates are at multi-decade highs. The split between the rich and the poor is up dramatically, as workers drown, good jobs disappear and the rich shift capital to avoid the devaluation of the dollar. The % of the population dependent on food stamps is off the charts. The labor force participation rate is at multi-decade lows. The Federal Government is running a 3/4 trillion dollar deficit, propping up millions of jobs. Interest on all of our debt is as low as it can possibly go, and won't stay this cheap, that includes student loans, consumer debt, mortgage debt, corporate debt. Add it all up, and there has been an extraordinary real erosion of the standard of living over four decades.