When Dreams Fade
Chart of the Week #22
Ah, the American Dream. You know, that old-fashioned idea that anyone who works hard and is determined can achieve success and move up in life. It’s been a core tenet of American society for years and has worked for many generations past.
But as I’ve pointed out multiple times in these pages (like here and here), it seems the shine of the American Dream is fading for many Americans today.
Today’s chart visualizes a recent study by the Pew Research Center, where they asked 8,700 U.S. adults about their views on the American Dream. It was condensed into a simple question: Is the American Dream still possible to achieve? Take a look at the results below.
Forty-one percent of respondents said the American Dream was once possible, but it isn’t anymore. Six percent stated it has never been possible.
That means 47% of Americans—almost one in two—don’t believe in the American Dream anymore.
And can you really blame them?
As I noted in a recent essay, American consumers are currently drowning in a sea of debt, with total credit card balances reaching the highest on record since 1947. Credit card delinquencies have more than doubled since 2021.
Student loan debt, auto loan debt, and mortgage debt are all at or near historical highs.
All that leads to less disposable income, and less disposable income means less saving, which is why our savings rate is now negative.
These are the symptoms of a sick economy. No wonder expectations are waning. People are just trying to make ends meet and cover basic necessities. Forget about dreaming.
Regards,
Lau Vegys
When you let the government teach your children, you get what you get, and they get what they want. We have stood by and watched our elected representatives systematically destroy the essence of our country. And now we have no idea how to get it back. Votes have consequences. The more a politician promises to give, the less freedom you will get and the more ghost money they can convert to hard assets. Sitting on your couch complaining is not an action that will get results. Do something to change this, after all, you let it happen. Don't forget to vote!!
The American Dream will only happen when we get red of the leeches we have in Washington right now, lesson the government, and get rid of the Federal Reserve. People can run their own money without the government's interference. I guess no one will do anything until they cannot feed their families. I believe that there will be a revolution if this continues. The present system is socialistic, but I do see people waking up to the fact that they will have nothing if they do not act . We have allowed this to happen, and now must face this situation. I think many are waiting for the election to see what is going to happen.