>basic necessities like food, housing, and medicine have become dramatically more expensive across the board.

they haven't. In the early 1900s an American household spent roughly 50% of its income on food. And mind you food didn't mean an exotic fruit you flew in from the other end of the world or pounds of meat per week.

Today an American household spends 9% of their income on food, the 'dramatic increase' may have bumped that up to 10% by some measures. The size of the average house of the average American family in the last half century has doubled while the family size has halved. In the 1960s 12% of households had AC access, today it's over 80%. Generics of basic medicines cost virtually nothing, you've just started to consume more sophisticated medicine over time.

If you're an ordinary guy you are already living in luxury, you just don't notice it because you kept moving the goalpost on what luxury is. Which isn't per se wrong but you ought to be at least aware of it