Income inequality is up and disposable income is down, but neither of these are measures of living standard. Access to information, quality of life, expected lifetime, food security, leisure time and spending, etc are all improved.
As an anecdote: when my father was my age, he was married, worked three jobs, had to build his own house, didn't have A/C, did his own car repairs, didn't have consistent heat, didn't have a TV. Maybe he made more money on paper, but I feel I definitely have it easier.
> The middle class continues to shrink and standard of living continues to decrease.