That sounds nice on paper, but in reality the opposite seems to be the case, as everyone I know who has a job is making more now then they would have in the 1880's, the 1920's or the 1950's.
How many people do you know who do their jobs today using only the tools and techniques available to them in 1880?
On a more serious note, the default position should be 'purchasing power' (do you guys have that term?) not going down, or not going down significantly over a longer period of time. And if possible at all, it should be rising.
Similarly, our expectations today are not the same as in 1880. It's why tying wages to inflation is overly simplistic.