One way I've been told to understand this is that money is actually growing at around 6%, which is to say that money growth is highly inflationary.
Of course this is way too high, so to offset this there are deflationary measures, primarily increased productivity, technological improvements etc.
The problem with this is that we end up working permanently harder and it reaches a point of unsustainability. For example, now you generally need two incomes to sustain the same lifestyle as previously, because we need more people working etc.
Other deflationary measures included the opening of the Asian labor market, and then other globalisation measures.
Lifestyle worsened significantly, people too poor to have a car had servants in the 50s.
There's also a cultural shift caused by propaganda in the 60s which pushed women to work, increasing the supply of workers and thus lowering the value of work and thus salaries.
Thanks to capitalism and innovation, at least we have some technology to pick up the slack and counteract the government and the top 0.01% stealing from everyone else through economic policies.
Of course this is way too high, so to offset this there are deflationary measures, primarily increased productivity, technological improvements etc.
The problem with this is that we end up working permanently harder and it reaches a point of unsustainability. For example, now you generally need two incomes to sustain the same lifestyle as previously, because we need more people working etc.
Other deflationary measures included the opening of the Asian labor market, and then other globalisation measures.