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Bureau of Labor Statistics tracking confirms Americans spend a smaller percent of income on housing (blue), food (green) and clothing (purple) than any time since 1900.
The Truth About the American Dream
I am one of 7 baby boomers who were born in the 1950‘s and ‘60’s. My dad hailed from Wisconsin Rapids and was a fighter pilot in WWII. He was shot down over Italy in 1944, seriously wounded, and a POW until his liberation at the end of the war. My mom grew up in Milwaukee. They had a chance meeting in Milwaukee when my dad returned from the war, were married, and, after my dad earned an engineering degree with tuition from the GI bill, they raised their family in New Berlin in the 1,400 square foot home my dad built with his own two hands over a period of years. My mom would pack him 2 lunches every morning and he would leave a full day of work at his engineering job to work on the house until after dark. All day every weekend he would work on the house with my mom, older brother and me sometimes tagging along for company. We moved in as soon as the house was inhabitable, but far from finished. I have vivid memories of hearing him working on the house late into the night while we were all in bed.
I shared a bedroom with 2 sisters and my 4 brothers shared another bedroom. There was no expectation of privacy. We ate breakfast and dinner as a family, said our prayers together on our knees every night before bed, and were taught how to live. We played hard and learned to work hard. We all had part-time jobs as soon as we were old enough. Our mom’s rule was we had to save 2/3 and could spend 1/3 of what we made. I had $1,000 in the bank by the time I finished high school, which was enough to pay my first year’s tuition at the University of Wisconsin – Milwaukee.
Each of us went out on our own with a solid foundation in pursuit of our American dream. We’re all living those dreams today.
What’s happened to the American Dream?
Today, the American Dream is being stolen from America’s younger generations; yet the dream hasn’t gone anywhere. The thieves are the sinister lies liberal ideologues are telling them about not being able to make a wonderful life for themselves. Social media is loaded with videos trumpeting there’s no point in working because young people cannot get jobs, own a home or afford a family. They are told it is impossible for normal people to get ahead; hard work is not enough to make it anymore; and inequality has become a matter of life and death.
Take a look at a video produced by journalist John Stossel to get some facts and learn the truth.
Materially we are far better off today than the baby boomers were decades ago. We are spending a much smaller portion of our incomes for food, clothing, and housing today than we were back then. The houses we’re buying are much bigger and nicer with central air, dishwashers, and washers and dryers the norm. In 1965, houses averaged 1,365 square feet, many with just one bath. By 2023 that size had grown to an average of 2,286 square feet with 4 bedrooms, 3 baths and at least a 2-car garage. In 1965 just 55% of Americans owned homes and in 2025 65% of Americans own homes.
In the ‘70’s families didn’t fly on vacations as they routinely do now. Adjusted for inflation, a cross-country trip that costs $300 today was $1,000 then. Today, families often eat out or get take-out; both were a rare treat in the ‘70’s. The cars we bought in the ‘70’s rusted and lasted half as long as today’s cars. Unemployment was 8.5% in 1975 and is 4.5% today.
Dave Ramsey, a well-known, personal finance guru who coaches young people in the principles of getting and staying out of debt, added his thoughts in a recent interview. He denounced those who falsely tell young people they cannot get ahead and countered with the many 20 and 30 somethings he interacts with every day who are “on fire and taking full advantage of this robust economy”. He also emphatically asserted that this is “the best time in human history to build wealth”.
He went on to observe that he is encountering a surprising number of people who are becoming millionaires by age 30 and many others who are debt free in their 30’s.
He illustrated one of the great lies being told with the example of the median house costing $448,000 today. He pointed out that that median includes all of the ridiculously priced urban areas such as Manhattan and Los Angeles. Countless numbers of young Americans are buying houses for $250,000 all across the country in cities and states that are livable, affordable and full of opportunity. He closed by stressing the importance of smart choices if you want to build a good life. He said you don’t buy an $80,000 Ford F-150 truck on a modest income and think you’re going to be able to buy a house.
The American dream is being snatched from the reach of young people who believe all of the liberal lies about inequality, victimhood, dependence and entitlement. They are wasting their time resenting those who are achieving great success and many are pursuing educations costing hundreds of thousands of dollars that won’t qualify them for a job with a return on that investment. There’s a much better way forward.
The Patchwork That is America
My most cherished Christmas gift was a gathering of 28 members representing 3 generations of the very large family my parents started in 1949. They ranged in age from 4 to 78. We are a microcosm of the patchwork that is America.
Each generation has produced veterans of military service. Some paid a high price for their country. Our educations run the gamut from high school to trade school and apprenticeships, to Bachelor’s and Master’s degrees, and a Doctorate. We work in many fields including nursing, pharmacy, engineering, commercial airlines, marketing, human resources, health care administration, construction, journalism, finance, manufacturing operations, sales, and many others. One member of our third-generation is pursuing his law degree using the benefits from his service after discharge from the Marines. We are employed by some of the largest international companies in the world and by small, family-owned businesses.
Our entrepreneurs and small business owners add an interesting twist to the mix. A second-generation plumber now owns a booming plumbing business. His brother was an airline pilot doing work he loved when he developed disabling vertigo that forced him to stop flying. He is a talented musician and shifted gears to start a lighting and sound business that was flourishing before COVID, which almost broke him. He came roaring back and has rebuilt the business into a thriving enterprise that handles the sound and lighting for big names in entertainment all across the country. A third-generation musician dreamed of a life on the stage. Shortly after high school he hit the road for Nashville, alone with his few possessions and his drums. He never looked back and, years later, hasn’t hit stardom (yet), but he is earning a good living doing the work he loves.
We are an eclectic bunch. We are very diverse in our dreams, interests, talents, and skills. We make mistakes and poor decisions along the way because we are flawed human beings. We suffer setbacks. When we do, we claw our way back to the straight and narrow and continue on. Our oldest generation reminisces about how blessed we have been and the fun we’ve had achieving our dreams along the way. The next generations are at various stages of learning that the real joy in life is in the journey. For all of their differences, there are important ties that bind them.
They are in hot pursuit of their dreams. They love God, their families and their country. They work hard. They take care of their families and other responsibilities. They live within their means. They own, or on course to own, their own homes. They save and invest for the future. They’ve all been taught how to live. Perhaps most important of all, they understand that the only things they are entitled to are freedom and opportunity; and they know that the greatest determinant of their success will be what they believe about themselves. The price of their hard-earned success cannot be supporting those who do not do the work.
Here's the truth about the American dream. It has never been more alive and well for everyone who is willing to chase it.