Making the American Dream a Reality

The American dream is our national ethos, but it is becoming increasingly difficult to achieve today. Families are struggling, and younger people are not being set up for success, largely due to a broken economy. Mortgage interest rates have increased, gas prices have soared, groceries cost 25.8% more than in 2020 and a college degree no longer guarantees a job after graduation.

In past generations, parents could work hard, save diligently and provide their children with the opportunity for a high-quality education, setting them up for a better future. Children spent time in school dreaming of their futures, and after graduating, they would enter the workforce and secure fulfilling jobs, continuing the cycle.

But now, children and adults alike are starting to recognize that the dream they had hoped for is far more difficult to achieve.

When President Biden took office, inflation was at 1.4%. Since then, it has surged, causing the average American household to spend over $1,000 more each month than it did three years ago for the same goods and services. It is easy to see why many Americans struggle to make ends meet, let alone save for a rainy day. Buying power has plummeted, and middle-class families are bearing the brunt of egregious price increases.

Even as families face higher inflation and a rising cost of living, real wages are down roughly 4.4% since 2021. For those receiving a paycheck every two weeks, this drop in earnings constitutes a loss of about a paycheck and a half each year. Americans feel the strain of an economy that does not work for them. Let’s look at the facts: 56 million Americans have been struggling with credit card debt for at least a year, 1 in 3 adults 18 to 34 live in their parents’ home, and the cost of living is so high that 1 in 8 retirees plan to go back to work just to put food on the table.

This is not what the American dream is supposed to look like, but defining the problem is the first step toward making things right. As proud fiscal conservatives and members of the House Appropriations Committee responsible for federal budgeting, we remain committed to advocating a commonsense, conservative approach to spending that works for Americans rather than against them. Every day, we hear from constituents who tell us that things have become unaffordable. As Congress works out next year’s federal spending bills, we will fight to cut spending and ensure American families are better off tomorrow than they are today.

The American dream, which we still see as a beacon of hope and opportunity, feels more out of reach today than ever. By working to reduce interest rates, bringing costs back down to reasonable levels and being more strategic with entitlement programs that give incentive to unemployment, we can once again provide a better life for our children, grandchildren and future generations.