Beyond the Horizon: Exploring the Current State of the American Dream in 2024
For generations, the concept of the "American Dream" has long been a guiding beacon, promising opportunity, prosperity, and upward mobility for all who dare to pursue it. Yet, as we stand on the eve of the 2024 presidential election, the American Dream seems to be nothing more than a fantasy. This article will explore the current state of the American Dream and determine if it is still attainable.
This article is proudly presented by the Middle Class Party. Our mission is to foster an America defined not by division, but by pragmatic solutions and solidarity. As part of our ongoing commitment to empower everyday Americans, this piece is featured in our series dedicated to reclaiming the vision of our founding fathers.
The American Dream Defined
The American dream is the core ethos of the United States of America. It was first coined in the 1931 best-selling book, Epic of America by author and historian James Truslow Adams. He described it as "that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement."
The American Dream is the result of hard work, risk-taking and sacrifice. It is the belief that anyone, regardless of where they were born or what class they were born into, can attain their own version of success in a society in which upward mobility is possible for everyone. This traditionally included obtaining an education, achieving home ownership, and being able to raise and provide for a family.
The American Dream in 2024
According to an ABC News/Ipsos poll, only 27% of respondents believe that the American Dream remains a viable concept—a stark decline from the 50% recorded when the question was first posed in 2010. Conversely, the percentage of those who believe it never held true has surged from 4% to 18% over the same period.
The remaining 52% of respondents assert that while the American Dream once rang true, it no longer maintains its former resonance—a significant uptick of 9 points. Cumulatively, a striking 69% of participants now express skepticism about the contemporary validity of the American Dream—an increase of 22 points. These figures mark a notable shift from sentiments captured in a poll conducted in the aftermath of the Great Recession.
The most pronounced shift is observed among young adults, while partisan disparities are minimal, with approximately one-third of both Republicans and Democrats affirming the enduring relevance of the American Dream, alongside a quarter of independents. The declines since 2010 exhibit consistency across these demographic groups.
How did it come to this?
Broken Promises
A fundamental tenet of the American Dream revolves around the belief that each successive generation will enjoy greater prosperity than the one before it. With hard work and dedication, one can attain remarkable success in America. You could go to college, excel academically, and secure a rewarding career—or take the entrepreneurial route, embracing risks and seizing opportunities. The rewards extend beyond a comfortable middle-class existence, offering pathways to home ownership and the upper class.
Yet, reality paints a different picture. Millennials, currently aged between 27 and 42, have notably trailed behind their Baby Boomer parents and Gen X counterparts in amassing wealth, despite being the most educated generation in U.S. history. They, alongside their Gen Z counterparts, grapple with stagnant wages even as productivity soars and the daunting challenge of skyrocketing tuition costs with diminished post-graduation returns. The weight of staggering student debt looms large, compounded by an acute shortage of affordable housing. Moreover, the harsh reality persists that a stable career often falls short of covering basic expenses, let alone providing a gateway to the middle class.
Willing and able workers struggle to earn livable wages, with nearly nine million Americans working multiple jobs just to afford the basics and achieve some level of financial stability. Yahoo Finance even reports that as much as 8% of Americans sell their blood plasma in any given year.
The American Dream just isn’t working, especially when it comes to being able to afford a house, to pay medical bills, or even to save for retirement.
Vibecession
In post-Covid America, a pervasive perception has emerged, bordering on cliché: While indicators suggest a robust economy, the prevailing mood remains somber. In other words, the economy may be robust but the vibes are bad. The American people just aren’t feeling the effects of a good economy. Instead, they are faced with high prices of everyday goods, an impenetrable housing market, unaffordable rents, persistent inequality, and rising debt.
The True Cost of the American Dream
While the concept of the American Dream carries immeasurable value, it's disheartening to discover that it does indeed come with a tangible price tag—one that, regrettably, remains beyond the grasp of the majority of the nation's citizens.
The price?
$3,455,305, according to Investopedia. This figure represents the estimated lifetime expenses associated with common milestones such as marriage, raising two children, homeownership, healthcare, purchasing cars, and education. In contrast, the average lifetime earnings of Americans across all education levels amount to approximately $2.3 million.
The American Dream is simply unaffordable for the majority of the country.
But it doesn’t have to be
Restoring The American Dream
The Middle Class Party has a plan for America, one driven by common sense principles. We propose a simple but concrete strategy for America: Halt the unnecessary expenditure of our tax dollars on foreign aid and instead channel these resources into bolstering our own nation. Our objective is to repurpose these funds to fortify the middle class, elevate the working poor, and improve our country's infrastructure. Additionally, we intend to develop targeted programs aimed at bringing back the jobs once held by Middle Class Americans but were outsourced overseas and restore American manufacturing power and pride.
But we need you to make it a reality.
Explore our website to discover how you can contribute to revitalizing the American Dream and reclaiming its former splendor by joining our cause. Together, we have the power to chart a new trajectory for our nation and reinstate the dignity and promise that every individual deserves.
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