I say again I said nothing about the 70s other than it was a period of "stagflation". That's not math it's verifiable fact. https://en.wikipedia.org/wiki/Stagflation
Adriaticum what was your experience of the 70s? I came of age in the 70s and I can tell you not many though highly of the decade at the time. Gary Trudeau, author of the Doonsbury comic strip called it "..a kidney stone of a decade!" as it turned into the 80s. It's like now that he is gone, Mulroney was a great Prime Minister. He was called the most hated man in Canada when he left office. The future reinvents the past. It's a recognized historical phenomena.
I have no experience in the 70s here. And that's probably a good thing.
I read the historical accounts and data and make up my mind based on that. It's is probably better not to have been there and be jaded.
This is not to say that your specific experience is not true. You may feel you are better off today, then you were in the 70s.
But I don't know you personally, so I can't say that you are able to extricate yourself from what the data says and be objective.
In every economy at any point in time there are those who do well. But we should take the top and bottom 10 percent out to be able to look at the data.
70s were the peak for the majority in terms of standard of living and disposable income. Everything from there was downhill for the majority. I stand by that.
The ideologies we have embraced since then have ruined our standard of living.
I'll just mention one, the feminism idea that both wife and husband have to work for the man doing something they don't care about was a nail in the economic coffin.
Industrialists saw that women are just as capable in the slave factory as men, so they devised a strategy how to lower the cost of labour by flooding the market with new labour.
We are reaping the "results" of these failed policies.
But we are not getting the benefits of better standard of living because the labour has been outsourced and there is nobody at home to raise our children to be raised properly.
We have outsourced that too.
I could write for days.
The fact that you can buy a new phone and tv every year for cheap is not standard of living. It's a distraction which we will pay for later.