"The cost of cars has increased tremendously, the cost of college has increased tremendously. I'm not sure where they get the idea of low inflation."
...after stripping out energy, food, cars, college and everything else that matters, why, yes, inflation is quite low.
Another point to be made here: it's eroding purchasing power that's leading a lot of American families to marry later and have fewer kids. Kids have become a financial (and professional) luxury many people think they can no longer afford. This is another way in which, in nonfinancial terms, our standard of living has apparently fallen.
That's another good point.