Summary:
Ever since women flooded the labor market wages have been stagnant.
The data:
Inflation adjust wage data show that average hourly wage has been the same since the mid 1960s:
http://i.imgur.com/7qfT3or.png
This is the time when women stopped dropping out of the labor force to become a housewife and continued to work instead.
http://i.imgur.com/oEABh3H.png (from http://www.bls.gov/opub/mlr/2002/09/art3full.pdf )
Conclusion:
The only reason why we feel rich is due to the cheap production cost of all kinds of trinkets in China.
Highly skilled jobs with low female participation are always a good and stable bet (i.e. engineering)
You better get a highly skilled job, as both housing and education costs roughly three times as much in the 70s.
Highly skilled jobs with a high female enrollment rate in college (i.e. law right now) tend to have lower starting salaries and higher unemployment.
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