currency debasement is only possible because of the massive productivity gains we in the first world have experienced over that same period. Not just the mass production of transistors, but the telecom revolution and resultant unleashing of new creations that no one would have considered prior to.
60% of the jobs that are currently being worked didn't exist 50 years ago (unverified, but sounds plausible).
https://youtu.be/zRv5kW5mAxM?si=pRN1Y6aUn3iuanBz&t=877