Inflation, crime, and political partisanship have “soured” the nation on the American dream, though most continue to believe they have achieved it or are on their way to the red, white, and blue goal of a home and a better life.
In the fourth edition of its study of the American dream, the Archbridge Institute said that the younger and less educated have a gloomier view of reaching that goal, spelled out in a 1913 book, and that could be an indicator of larger, troubling issues looming.
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“It seems like that the tumultuous times brought about inflation, fears of an economic recession, and a continuing polarizing political scene,” according to the report, “have soured the mood of the American people.”
Gonzalo Schwarz, the president and CEO of Archbridge, told us: “While belief in the American Dream remains strong overall, it is troubling that doubt has begun to creep in, especially among younger and less educated people.”
Schwarz, the author of the report, provided a copy to Secrets exclusively. He urged those questioning the American dream to keep the faith. “The American Dream can serve as a source of hope and unity for a diverse, divided nation. Instead of focusing on what divides us, we should embrace our shared vision for the pursuit of better, richer, and fuller lives,” he told Secrets.
His report, timed for the July Fourth celebration of the country’s 246th birthday, is mostly positive. Consider:
- Seventy-five percent believe they have reached or will reach their version of the American dream.
- Most believe that they are living fuller, better lives than before.
- Eighty percent believe they have the same opportunities as their parents.
- Seven out of 10 are outearning their parents.
“In the fourth edition of our study on attitudes about the American Dream and economic opportunity we continue to see a strong belief in the promise of the American Dream,” said Schwarz, whose institute is devoted to helping people reach the dream.
He also highlighted the warning signs especially among young people and those who haven’t gone to college. Consider:
- Those who believe the American dream is out of reach increased from 18% last year to 24%.
- Fewer young people feel they have the same opportunities as their parents.
- The dream of homeownership has declined.
“There are worrying trends where the percentage of people who are more pessimistic about the American dream and opportunity has increased compared to last year,” Schwarz said, citing the data mined from 2,187 Americans by NORC at the University of Chicago and its AmeriSpeak panel.
The report cited several reasons for the mood change.
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“We see a more negative picture from last year in terms of how many people believe the American dream is out of reach. The more negative outlook can stem from many reasons like continued inflation rates, high interest rates than have increased and depressed the economy in the name of stemming that inflation, a looming economic recession, a slowdown in the housing industry due to high interest rates, higher crime rates in several major cities, labor force participation is still lower than in the past and more people can be disengaging from the labor market working from home,” it said.
A federal report on Friday indicated inflation remains stubbornly around.
