Housing accounts for easily half of people's spending these days, especially the younger generation.
So, here's how you calculate standard of living: Nominal GDP per capita / Case shiller housing index.
Chart this and you'll see that we peaked in 1998 and have been in decline ever since then. We're actually down about 34% since that peak.
Housing accounts for easily half of people's spending these days, especially the younger generation.
So, here's how you calculate standard of living: Nominal GDP per capita / Case shiller housing index.
Chart this and you'll see that we peaked in 1998 and have been in decline ever since then. We're actually down about 34% since that peak.