| A recent Wall Street Journal poll found that nearly three-quarters of Americans no longer believe in the American Dream, defined as "if you work hard, you'll get ahead." A good reason so many feel that way is that inflation has spiked and wages have stagnated over the last few years. The stock market and home prices have also risen considerably during this period. But a third of Americans don't own their homes. For renters, higher real estate prices only put home ownership further out of reach. (That's especially true since mortgage rates have risen thanks to the Fed's rate hikes to cool off consumer prices.) More than 40% of Americans don't own stocks, either directly or through a mutual fund or 401(k) plan. For them, it means nothing if the market is near record highs. And that 5%-plus yield you've been earning on your Treasury bills and money markets? That is unavailable to folks who don't have savings. To feel that they are taking part in the American Dream, what most Americans want is more income. Recent data released by the Census Bureau showed that inflation-adjusted median household income was $80,610 in 2023, up 4% from 2022. But that only returns consumer purchasing power to where it was in 2019, the peak that was hit before the pandemic. That was the pinnacle for household income going all the way back to 1967. Yet the Census Bureau notes that the increase from 2019 through 2023 was statistically insignificant. In other words, over the last four years, Americans have had to deal with stagnant incomes, higher interest rates, and sticker shock on essentials like food, gas, and utilities. No wonder so many feel sour about the economy - especially those on the low end of the ladder who can least afford the price increases. Look behind the already-mediocre headlines, and real median earnings for full-time workers last year declined 1.6% and fell even more for high school grads (3.3%). However, the last four years are not the norm. Americans' inflation-adjusted incomes have tripled in the last 50 years. And that income buys a wider selection of high-quality goods and services than ever before. So what accounts for the recent stagnation? | 
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