In 1970, the typical U.S. household earned about $8,700. In 2016, the typical U.S. household earned about $59,039. If adjusted for inflation, the gross income of the typical U.S. household in 2016 relative to 1970 has

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When adjusted for inflation, the real income of the typical U.S. household has remained relatively stable from 1970 to 2016, indicating that the increase in nominal income largely reflects inflation rather than a significant increase in purchasing power.

In 1970, the Typical U