I feel that it's somewhat true. I'm 30 years old now, and working a middle management positions. I make around $80k a year in salary. In terms of career advancement, I'm roughly at the same level as my dad in 1987. He was promoted to hotel manager that year when I was born, and he said he made about $50k back then. That's roughly anywhere from $100k to $150k today if you take inflation into account. He retired three years ago, and the same position at that hotel pays $75k now. He and my mom bought their second house by the time I graduated elementary school, which cost $480k at the time. The same house sells for $1.8 million today, and about $2.2 million if it was brand new.
I have a decent income for my age, and I save habitually. Even in my case, I can't afford to put a down payment on a condo where I live. Two bedroom condos cost about $900k now, and increases by 15% to 20% per year. Just when you save up enough, the goal post shifts further. Rent has been skyrocketing as well too, experiencing about 50% increase in the past 5 years in my area. Real income for majority of working people have been steadily decreasing. With automation, the wealth gap is likely to keep growing larger.
Anybody live in San Francisco Bay area? I was told that it was even more expensive than Vancouver. A guy I know works as programmer there, and he said he felt poor as fuck making $80K.