I read that most Canadians think $$$ times are worse today than several decades ago. That the middle class are economically falling behind. But... incomes in Canada are up dramatically since the 1970s and go a lot further than 35 years ago. The average increase is up by 52% from 1976 to 2011. Previously, economists failed to account for changes in taxes and government give-backs (the "GST" credit, child benefit payments), and also overestimated the effects of inflation. Besides, the typical family is smaller today than in the past, so a family’s income is spread across fewer people.
Median income went up from $25,771 to $39,200 per-family-member, and purchasing power has also increased!.
Typical household goods sold in 1976 compared to similar goods sold in 2011. In 1976, a microwave cost $579.98. The average hourly wage of ~$5.00 and it took 109 hours of work to purchase it. Thirty-five years later, a far better microwave sells for $229.99. The average hourly wage of ~$23.00 bought it in 10 work-hours in 2011. A colour television in 1976 cost 113 hours of work compared to 12 work-hours for a much better, thinner one of similar size sleeker one with similar size 35 years later. A fridge cost 137 work-hours then to 22 work-hours in 2011. Note also that today the middle-class can purchase smartphones, computers of various sizes that were unavailable in the 1970s.
Yet this was a study of household things. What about the cost of housing? Cost for a purchase? Or a rental increase? Interest rates charged on mortgages? The cost of vehicles vs. the cost of fuel? The location or cities most affected by immigration and migration from towns to cities? The much higher real estate values in some locales, and where they stagnant in others? The higher average income in those cities? These too play into the equation and are a whole other topic.
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