The thing is though the whole "kids these days with their fancy TV and cable and monthly bills!" is almost becoming outdated, and was only a "thing" for a few decades.
Now I can replace all of that with a single device and single monthly bill - a device I need to have professionally anyways to participate in most of the economy.
My slightly younger millenial friends probably have monthly recurring expenses not a whole lot more % of income wise than the 1940's. They pay for a cellular data package and have a relatively modern phone, and that's about it. A 52" flat-screen TV is less than the cost of a radio in the 1940's today - it's just not relevant.
I'd argue that the MRC that most people in the 20-35 range pay is probably about 25% more than it would have been in 1948 - in 1948, most people might take a couple magazines, the newspaper, and of course, their phone service.
There is a convincing argument however to me, that the poor of 2018, have a better existence and are better connected to the world that the poor of 1948.
Now I can replace all of that with a single device and single monthly bill - a device I need to have professionally anyways to participate in most of the economy.
My slightly younger millenial friends probably have monthly recurring expenses not a whole lot more % of income wise than the 1940's. They pay for a cellular data package and have a relatively modern phone, and that's about it. A 52" flat-screen TV is less than the cost of a radio in the 1940's today - it's just not relevant.