[dmpk2k]

That is a common counterargument, and yet the common counter-counterargument matches my experience:

That sadly doesn't apply to housing or food, at least in the places I've lived. E.g. houses in the place I was born are now 5x the price, once you factor in inflation. Food and vehicles are 2x. Higher education went from "free" to $30K.

The really important things are far more expensive now, across the three countries I've spent decades in. Maybe the overall situation is different for the US of A.