Staff Reports
A recent poll reveals a sobering reality for the American populace: only a mere one-third of U.S. adults believe the American Dream is still alive. This figure comes from a Wall Street Journal/NORC poll, starkly contrasting with a similar survey conducted by the Public Religion Research Institute a dozen years ago, where over half of respondents had faith in this quintessentially American aspiration. One could argue that the shrinking confidence in the American Dream isn’t merely a decline; it’s an outright nosedive into the abyss of economic skepticism.
In examining the recent findings, it appears that a significant disconnect exists between what people wish to achieve and what they realistically believe they can accomplish. This disparity is found across demographics, but the younger generation seems particularly disenfranchised. One has to wonder how much of this pessimism can be traced back to the administration’s policies, particularly under the current President. After all, household names like “Bidenomics” have become shorthand for soaring inflation and financial uncertainty.
'Further Away Than It's Ever Been': Vast Majority Of US Adults Believe The American Dream Is Dead, Poll Shows https://t.co/fpb8wlpDPa
— Daily Caller (@DailyCaller) August 28, 2024
Perhaps the most alarming statistic from the poll is the glaring drop in belief regarding homeownership and financial security. A scant 10% of respondents think that buying a home is “easy or somewhat easy,” despite nearly 90% deeming it crucial for their future. The same pattern holds true for financial security, with only 9% believing that achieving it is any walk in the park. It almost makes one envision a twisted version of “The American Dream,” where success is synonymous with struggle and the keys to homeownership are buried deeper than a federal budget proposal.
Inflation, a term that has become all too familiar under the current administration, has seen prices skyrocket by over 20% since January 2021. What’s more, as credit card debt climbs to a disturbing 12-year high, Americans are increasingly left wondering how they can ever achieve the security and prosperity they were told was possible. Homeownership has become so unattainable that the country is facing an estimated shortage of up to 7 million homes. To top it off, interest rates for the average 30-year mortgage are reaching heights previously thought unimaginable.
As if the predicament couldn’t get worse, nearly 9% of homes are now valued at a whopping one million dollars or more. The median price of a previously-owned U.S. home soared to a record high of $419,300. To put it mildly, the dream of owning a home has transformed from a tangible goal to a distant fantasy for many. With housing costs accounting for an astounding 90% of inflation in one month alone, one has to question whether the American Dream has not just faded but has been actively trampled on by policies that seem oblivious to the struggles of the average American.
In a world where a 31-year-old, pulling in a respectable $95,000 a year, finds himself unable to own a home or comfortably date, the question lingers: how much longer can the average American contend with this economic reality? While the past generations built a foundation on access to the American Dream, today’s youth appear to be handed a leaky roof and the wrong set of keys. It’s not just a dream that’s dwindling; it’s a full-blown crisis begging for a response.
