Yes...that's the other side of the equation.
Basically there are two reasons for rising prices:
1. Increased demand or decreased supply (or a combination of both); and
2. Increases in the supply of money chasing the goods and services extant.
In the case of the USA?
I'd say that increased money in circulation plays the majority role in the rising cost of living.
In fact, I'd say that there is probably more supply (in comparison to demand) than ever, in the case of MOST (not all) goods and services.
But what we DO know is this...the Americans workers incomes have been on the decline in terms of real purchasing power since 1970
For those of you too young to remember what life was like back then?
Let us tell you it was a better life (financially speaking) for most people.
Most of that is nonsense. As consumer goods have become relatively far less expensive because of globalization and technology, real purchasing power has skyrocketed. For those of us that do remember, we can recall that the price of color TVs and countless other consumer goods that were built only in the US, Germany, Japan and a few other industrialized countries was relatively absorbent. Today, if you only have a mobile phone, a laptop, you do not need to purchase a typewriter, telephone, alarm clock, radio, camera, stereo system (except speakers), even smaller TVs and a host of other things I cannot remember.
This is not to say the rich have not gotten richer, but if you want to compare purchasing power of the past you have to do so realistically. The poverty alleviation which gripped so much of Asia in the 1970s cannot be ignored, unless of course your heart bleeds only for poor fat Americans. Whining about corporate greed does not preclude that people's lives are not improved despite it. You can't have it both ways.
How soon we forget
As though the introduction of cool appliances describes the entire economic experience?
Yes, somethings have gotten cheaper. Clothing, and electronics and some chachas that people really do not need.
What HAS gotten more dear compared to incomes are the CORE purchases people must have to survive and prepare the next generation...shelter, energy, health care, education.
In the MID Sixties most American families were SINGLE WORKER families. ONLY One in Eight women worked outside the home.
Now, SEVEN IN EIGHT work outside the home and STILL the number of people needing foodstamps increases.
Do not confuse cheaper crap that we do not need to live with more expensive NECESSITIES that we do need to survive, lad.
THAT is what you are basing your argument on.