A recent poll highlights a grim reality of America’s economic landscape: two-thirds of Americans now feel the American Dream is beyond their grasp. Once a cornerstone of middle-class hopes, the dream of owning a home, achieving financial stability, and enjoying a comfortable lifestyle now seems like an unattainable fantasy for many. This growing sense of disillusionment points to a deeper crisis, as economic disparity and systemic failures strain the very fabric of American society. The erosion of the American Dream and the struggles of the middle class in 2024 are laid bare. Learn why so many believe it’s now out of reach.
Bill Brocius Aug 30, 24
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When we were young, many of us believed we would one day achieve “the American Dream.”
Today, however, two-thirds of Americans think that dream is no longer attainable. This stark belief reflects a system that appears to be unraveling. As children, it seemed like nearly everyone was part of the middle class. Back then, owning a nice home, having a beautiful family, a couple of cars, and a comfortable retirement was often taken for granted. Now, such a middle-class lifestyle is out of reach for most. A recent Wall Street Journal/NORC poll found that only about one-third of Americans believe the American Dream “is still alive”…
Only about a third of U.S. adults believe the American Dream is still alive, a Wall Street Journal/NORC poll published Wednesday found.
A survey of 2,501 people conducted by the Public Religion Research Institute twelve years ago found more than half of respondents believed the American Dream “still holds true,” but now only a third feel that way, according to a recent WSJ/NORC poll of 1,502 adults. The study also highlighted a growing gap between people’s economic goals and what they think is actually achievable—a trend consistent across gender and party lines, and especially common among younger generations.
These numbers underscore the fact that the middle class is dwindling.
Once, America boasted the largest and most prosperous middle class in history.
But now, most of the country is struggling deeply.
So, don’t try to convince me that the U.S. economy is in good shape.
Our standard of living has been declining for a long time, and things have been worsening for nearly everyone.
The same Wall Street Journal/NORC poll found that only 10 percent of Americans believe becoming a homeowner is “easy or somewhat easy”…
The decline in belief in the American Dream coincides with a decline in the percentage of Americans who think homeownership and financial security are attainable, according to the poll. Only 10% of respondents to the WSJ poll believed becoming a homeowner is “easy or somewhat easy,” even though 89% of respondents viewed homeownership as “essential or important to their vision of the future.”
The same sentiment applies to financial security, with only 9% of respondents saying that achieving financial security is “easy or somewhat easy,” despite 96% considering financial security “essential or important,” according to the WSJ.
These days, it’s nearly impossible to get 90 percent of Americans to agree on anything.
But when it comes to this issue, there is overwhelming consensus.
Everyone can see that housing has become incredibly unaffordable.
In fact, recent data shows that home prices have reached another all-time high…
Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.
On a three-month running average ending in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday.
Overall, U.S. home prices have surged more than 1,000 percent since 1974.
Those who bought homes in the 1970s are doing well today.
But I genuinely feel for those currently trying to purchase homes.
A significant part of the problem is the financialization of our housing market.
Millions of homes are being purchased as investments, including large numbers of low-priced homes…
Real estate investors bought 26.1% of low-priced U.S. homes that sold in the fourth quarter. That’s the highest share on record, up from 24% a year earlier.
Today, the U.S. faces a significant housing crisis.
This is why millions of people are now living in their vehicles.
Our middle class is being systematically wiped out, and we are just standing by and letting it happen.
Now, vast numbers of Americans live as paupers in the nation their forefathers built.
Historically, young people could safely assume they would be more successful than their parents.
But that started to shift several decades ago. According to prominent economists, “only around half of children in 1980 ended up wealthier than their parents”…
For many young people, the issue stems from feeling they are worse off and face a tougher economic future than their parents did at the same age.
According to MIT economics professor Nathaniel Hendren and Harvard University economist Raj Chetty, only around half of children in 1980 ended up wealthier than their parents.
In 1940, this figure was around 90 percent, with the decline only accelerating since the 1980s.
It’s safe to say that children born today face a bleak future.
But this is the society we chose.
We kept voting the big spenders into Washington, and now it costs a fortune for the average family to achieve the American Dream…
The GoBankingRates analysis determined the American Dream now costs more than $150,000 a year for a family of four, though this figure varies widely depending on where you live.
In Hawaii, an annual income of $260,734 is needed for a family of four to live the American Dream.
In Mississippi, that figure is $109,516.
Of course, earning over $100,000 a year is beyond reach for most Americans today.
We’ve reached a point where many people have simply given up, and the economic outlook for the future is bleak.
Previous generations handed us the keys to the greatest economic engine the world had ever seen, but we allowed our leaders to ruin it.
We’ve debased our currency, we’re drowning in debt, and a substantial portion of the population can no longer support themselves.
We thought we could defy the principles of economics, but we were mistaken.
Now we are heading into a period of severe economic hardship, and it’s unlikely to be pleasant.
Based on an article by Zero Hedge.
