NEW YORK - October 19, 2011 - Think life is not as good as it used to be, at least in terms of your wallet? You'd be right about that. The standard of living for Amerikans has fallen longer and more steeply over the past three years than at any time since the U.S. government began recording it five decades ago.

The average individual now has $1,315 less in disposable income than he or she did three years ago at the onset of the Second Great Depression. That means less money to spend at the spa or the movies, less for vacations, new carpeting for the house, or dinner at a restaurant.

It means a less vibrant economy, with more Amerikans spending primarily on necessities. Moreover, the diminished standard of living is squeezing the middle class, whose restlessness and discontent are evident in grassroots movements such as the Tea Party and "Occupy Wall Street", and who may take out their frustrations on incumbent politicians in next year's elections.

What has led to the most dramatic drop in the U.S. standard of living since at least 1960 is that real median income is down 9.8% since the start of the Depression through this June, according to Sentier Research in Annapolis, Maryland, citing census bureau data.

Another reason for the steep drop is falling net worth; think about the value of your home and, if you have one, your retirement portfolio. Not to mention rising consumer prices, with inflation eroding buying power by 3.25% since mid-2008.

"In a dynamic economy, one would expect Amerikans' disposable income to be growing, but it has flattened out at a low level," says economist Bob Brusca of Fact & Opinion Economics in New York.