However, what these forum members forget to account for is the rise in wages during the same time span. And the irony is that wages in the US have been outperforming inflation since WWII, barring a few rather short periods. It basically means that people become wealthier over years despite a declining dollar
Except for the stagflation period 
https://www.investopedia.com/articles/economics/08/1970-stagflation.asp
And thanks to Mr. Free To Choose, the US can get out of the situation.
Other than that, generally, we are in better shape than our grandfathers.