(ReclaimingAmerica.net) – The dream has turned into a nightmare for most, as recent findings reveal that just about 30% of U.S. adults still have faith in the American dream.
This dramatic turn of events is a significant drop from twelve years ago when over half believed it was achievable.
According to a Wall Street Journal/NORC poll of 1,502 adults, there is a growing divide between people’s economic aspirations and what they deem possible.
This sentiment stretches across all demographics, but it resonates more deeply among younger individuals.
“Key aspects of the American Dream seem out of reach in a way that they were not in past generations,” remarked Bipartisan Policy Center economist Emerson Sprick, highlighting a notable change in perspective over the generations.
The study also shows a stark skepticism about owning a home and achieving financial security.
Only 10% of participants think home homeownership is easy, even though 89% consider it a crucial part of their future vision.
Likewise, only 9% felt financial security was within easy reach, though 96% saw it as essential.
“They don’t tell you how hard it is to obtain the American Dream,” said youth development nonprofit employee Marquell Washington.
Washington shared his personal struggle as he makes roughly $30,000 a year: “You have to learn that on your own.”
This growing disappointment aligns with economic pressures, such as persistent inflation, which has increased by 20% since January 2021.
Additionally, challenges like climbing credit card debt and a housing shortage ranging from 4 to 7 million homes as of late 2023 worsen the issue.
Mortgage rates have also surged, with the average 30-year fixed rate now over 6%, up from below 3% at the beginning of the Biden-Harris administration.
The rising cost of housing has not only made homeownership more intimidating but has also significantly driven inflation: housing costs made up 90% of the inflation rate in July alone.
“For me, the American Dream feels further away than it’s ever been,” shared 31-year-old Kevin Murphy from Des Plaines, Illinois.
Despite making $95,000 a year, Murphy finds home ownership and even social expenditures increasingly out of reach.
“I worry about when I’m 50 or 60 and if nothing changes, I’m going to be totally screwed,” he lamented.
The survey was conducted from late June to early July and has a 3.3% margin of error.
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