I would add women entering the workforce en bulk, essentially doubling it. Between that and globalization it would seem the supply/demand ratio significantly changed to have downward pressure on salaries.
Your downvotes are unwarranted for an economically proven observation.
Woman entering workforce have had an effect and still have at a decreasing rate.
Esentially they converted the labor market from a supply driven market (workers more in command) to a demand-driven market (those creating work in command)
Any measures to lower the need for workers (automation, efficiency gains) or increasing the workforce (immigration, women working) worsens working conditions.
Women entering the workforce in bulk was done already two decades ago. The female labor participation rate peaked in 2000 and has declined since that - however, the trends are still continuing; they are not coupled/correlated to this increase of workforce.
Yes, that's been important too. But it's complicated. I gather that women are in greater demand in sectors that have benefited from globalization. Whereas globalization has cut labor demand in traditionally male blue-collar sectors. Except for trucking and construction, anyway.
A two-parent household isn't going to double its consumption of everything if both parents start working. First, because wages will be depressed from the new labor supply, the total income of the household doesn't double. Second because their tax rate will increase. Third because many things we consume in fixed units with little control over the total cost, like "health insurance".
But they will increase their consumption of some things, particularly when it comes to the direct cost of working, so the family may spend more on things like transportation, clothing, child care, home care & maintenance services, food preparation, grocery delivery, etc.
Home ownership rate is currently near averages maintained since the 70s. But it increased substantially in the 40s-70s (from ~45% to 65%). So to the extent that rise was enabled by dual income households you’re absolutely right more demand for housing drives up housing prices and saps up the extra income.
I think you mean consuming more because spending more is meaningless if inflation has risen faster than the increased spending.
A corollary trend is families having far fewer children. I imagine (but don’t have the data) that would decrease consumption more than whatever increased when we doubled our workforce.
