Growth and Decoupling

Lane Kenworthy argues that we haven't just seen a growth slowdown over the past 35 years, we've also seen a decoupling of growth and median living standards. He illustrates it thusly:

What I see when I look at this data is that the "decoupling" went away in the 1990s—the very same period of time when the growth slowdown temporarily went away. So I think the growth problem and the decoupling problem are linked.

Theoretical explanations include an uptick in rent-seeking (FIRE shenanigans, IP shenanigans) that are both anti-growth and pro-inequality, and the fact that tight labor markets disproportionately benefit low-skill workers.