There are innumerable sources that would explain that while standard of living has remained largely the same over the period of time from 1980 to the preset, two other key markers of how this is happening indicate the middle and working class have suffered greatly from wage deflation. First, the average amount of consumer debt and the number of bankruptcies families file in order to “keep up the neighbors” has skyrocketed. This can be seen to start rising in perfect correlation with wage stagnation.

(Source) Bankruptcy Action.com, http://www.bankruptcyaction.com/USbankstats.htm, statistics from Administrative Office of the Courts.

There is also a discussion that could be had about the lack of upward mobility available in the United States, especially relative to other nations, in the period of time since 1980.