This is a great post from Big Picture blog that does a great job of showing how standard of living will decline:
Courtesy of Doug Short, we see from the above that the past decade has seen no gains in real median household incomes. Indeed, the free fall began in earnest in 2008, and now reflects an 8.1% decrease in real buying power.
This is for the median household — we know from Fed and IRS data that the past decade has seen a modest gains in the top 30% of all earners, bigger gains in the top 10%, very significant increases in the top 1.0%, and enormous gains in the top 0.1%.
If you combine the real median income chart above with knowledge of an how US income distribution is skewed, you get a much into starker context for median income changes. It implies that the bottom 70% has done far worse than the minus 8% of this chart.