The purhasing power of the average American sure isn't much to write home about, that's for sure. It's been eroding for a very, very long time. And they're quickly running out of road to keep kicking the same old can down.
Worst part about it is that it's merely a single consequence of a much deeper, much more historic malfeasance and rejecion of the tradional American philosophy of strictly limited government; one which is rarely confronted. but rather condoned and relied upon for every little thing collectively.