That would be a good thing IMO. I can understand the 8 hour workday in the context of the heavy physical labor done a century ago, but today the average job could be 10 or 12 hours no problem. A 4 day workweek is objectively good since it gives workers more days off so less commuting to work which means less traffic, less fuel cost, and less vehicle wear which means a lot of savings.
That's distorting the facts. Cost of living is higher now because modern technology like smartphones is more expensive to produce and also because the US is so much more populated and urbanized and there's only a limited amount of land near urban centers to reside in (in part because of environmentalist movements since 1972). Very few boomers live like they did in the early 70s, let alone their children and grandchildren, because we have so much more.
But it is indeed true that the early 70s (1973 exactly) is when wages for the average worker peaked, and the solution for the (natural) recession in the 70s was union-busting, mass outsourcing of labor, and free trade agreements with nations like Japan (to say nothing about South Korea, China, etc. who don't even have Japanese-level quality in their products).
