In all fairness, unemployment & inflation were reported much more accurately back then. Food was included in inflation, for example. I wasn't in the workforce back then, 14 when Reagan was elected, but well remember what was going on. The numbers now are considerably higher than what we're being told.
And to your other point, spot on. (Although, we're running 50/50 with our kids.) Our son is 30, has been married for 8 years, they bought their 1st house 7 years ago. 5 years ago, they sold it and bought a much bigger house in a much nicer city/neighborhood. Granted, we paid for his bachelors degree (math major with double minors, bus. admin. and IT something or other), but then he got his masters on his own (data analytics). He's a major league asshole, but no-one can argue his accomplishments.
Our 27 y.o. daughter on the other hand... we also paid for her bachelors (social work

I tried my best to talk her out of it), now she's an ass't mgr. at Dollar General, seems to have no interest in getting another job in her field, and lives with us.

(She did work as a social worker at a homeless shelter for about 4 years.)