My daddy used to say; Boy, if you got it, spend it. Think back, at almost any time, and try to measure what you could buy with an hours wages then and what an hours wages buys now. Almost the same thing. What is bad is when the gov't manipulates wages by the minimum wage law, this act raises the cost of goods and services. This really hurts individuals that are on fixed incomes. No provisions to help them. Minimal effect on most people, wages usually go up as inflation goes up. Edwards got it, and chooses not to get his hair cut where poor people get theirs cut.
TJ you need to recompute todays cost to years past and you will find you are full of bull. Of course some things have gotten out of line such as medical and some things cost less due to modern technology. 42 years ago it took me a year to earn the cost of a new car, today it still takes a years wages. 42 years ago my house cost 3 1/2 years salary, today it still will cost 3 1/2 years salary. You need to recompute.