Our nation’s strength has always been rooted in the active participation of its citizens. From the Minutemen who stood ready to defend liberty, to the civil rights activists who marched for justice, America’s story is one of individuals coming together to shape their destiny.

Finding Financial Solutions

Central to the concept of improving one’s financial condition must necessarily begin with ensuring that all citizens of our country are provided with a baseline level of income that meets their basic needs.

For our purposes, we are going to use the assumption that any person capable of working a full-time job should expect that job to provide them with sufficient income to meet their basic needs.

For those unable to work, such as those with physical or mental disabilities, it would naturally be society’s (i.e., the government’s) job to provide for the needs of those individuals.

We are not going to attempt to discuss the many nuances of exactly what this would mean or how it would be implemented. Instead, we will focus on what income would be sufficient to meet the needs of the average American.

A Look At Income Through The Decades

Since 1979, wages for the top 1% have grown by 138%, while wages for the bottom 90% have only seen a 15% increase, indicating significant wage stagnation for the majority of workers.

While the American Dream hasn’t disappeared, it has fundamentally transformed. The once-simple route of getting an education, purchasing a home, and starting a family now necessitates much more financial planning, two sources of income, and frequently high debt.

Many Americans are still in a tough spot. Nearly 30% of all US households said they spend more than 95% of their disposable income on necessities such as housing costs, groceries, and utility bills, according to a Bank of America Institute report, up from 2019 levels. That share is higher, at around 35%, for households making less than $50,000 a year.

Wage growth finally began to outpace inflation in early 2023, with US households on the lowest end of the income spectrum seeing their wages grow the second-fastest, according to Atlanta Fed data. But their earnings have slowed sharply since then, trailing the wage growth of the richest Americans as of November 2024.

Over the past century, the United States has experienced significant transformations in its standard of living, marked by notable advancements in economic prosperity, healthcare, education, and technology. These developments have collectively reshaped the daily lives of Americans, contributing to a higher quality of life.

The U.S. economy has undergone substantial growth, with real per capita income increasing by about 2% annually over the past two centuries. This consistent economic expansion has led to remarkable improvements in well-being for both the affluent and the less fortunate. However, the distribution of this wealth has become more uneven in recent decades.

The proportion of adults living in middle-class households decreased from 61% in 1971 to 50% in 2021, indicating a shrinking middle class and a rise in economic inequality.

Advancements in healthcare, nutrition, and public health initiatives have significantly increased life expectancy. In 1900, the average life expectancy was approximately 47.8 years; by 1950, it had risen to 68.2 years. By the late 20th century, life expectancy had further increased, reaching 74 years for men and 79 for women by 1997. These gains are attributed to better medical technology, higher incomes, improved diets, more education, and the emergence of health insurance.