How should we measure poverty?

Some Ideas

Measuring based on consumption rather than earning. According to that metric the American poverty rate has declined from 30% to 3% from 1960 to 2015.

However, I’m not sure that a metric like this sufficiently accounts for changes over time regarding what is needed to live a modest working life discussed a bit here.

Similarly even though a dollar can buy more now than it could before, even adjusting for inflation, does that alone sufficiently indicate a decrease in poverty? To some degree I think it does. It appears to me that you would rather be a person born today with $1 than a person born with the inflation adjusted equivalent 100 years ago.