For most people in the West, wages and living standards have stagnated for decades. If you were a factory worker in the north of England in 1970, for example, odds are good that your children will earn less in real terms than you did 50 years ago. The same is true for workers elsewhere in Europe and in the United States, an economic reality that is partly responsible for the rise of populist politics.
Seriously, real wages – that is, living standards – are the same now a for a factory worker in 1970?
Does anyone actually believe this shit?