So growing up, I had this idea that the American dream was about that if you put in an honest amount of work, you would be rewarded with a good life. This would mean you would be able to take care of yourself and your family, afford a car and a house. In my view, working one job would probably be enough.
Nowadays, I get the idea that the American dream has become about working your ass off in order to have a chance to become a millionaire. Somehow glorifying “the grind” appears to be a part of it too now.
Here’s the whole story in a nutshell.
WW2. Government imposes strict wage and price controls and pushes unions. Capital falls in line because they are makign money hand over fist.
Post WW2 the USA keeps a lot of FDR’s New Deal policies in place and everyone is doing great. In 1960, minimum wage was $1.00/hour and the price of the average home was $11,000.00. Unions are strong and college is cheap.
1968, Nixon becomes President. Says he wants peace, but increases the War spending using LBJ’s print money plan. Inflation is now a thing.
1970s Oil Embargo really devastates the economy. Prices skyrocket and inflation is getting worse.
Before Reagan is elected, Middle Class is defined as one income supporting a family of four. $1 million is a vast fortune.
By the time Bush Sr. leaves office, ‘middle class’ is two incomes, and $1 million is what a rich guy pays for a party.
Further, the prosperity of past generations was in the wake of WWII and destroyed economies around the world. The US was virtually untouched and had a boom-time that is unrealistic under any other circumstances. The US literally started on third base and our parents or grandparents thought they hit a triple.