Pessimism about the American Dream is at a record high, with 70% of individuals in a Wall Street Journal/NORC poll stating it no longer holds true or never did. This marks the highest level in nearly 15 years of surveys, and a significant increase from just 36% of voters who believed it held true in a similar 2012 poll. The survey also indicates that only 36% of voters currently believe that working hard guarantees success, a stark contrast to 68% in a Wall Street Journal poll last year, and 53% in 2012. This pervasive sense of economic fragility and uncertainty about upward mobility affects Americans across the political spectrum, with even those experiencing some economic improvement feeling left behind.
The poll highlights a deep-seated economic pessimism. Only 25% of respondents believe they have a good chance of improving their standard of living, a record low in surveys dating back to 1987. Furthermore, over three-quarters of those surveyed expressed a lack of confidence that the next generation will experience a better life than their own. This sour public mood persists despite traditional economic indicators suggesting a robust economy, a disconnect that political analysts like Karlyn Bowman from the American Enterprise Institute attribute to a "triple whammy" of economic forces, including the 2008-09 financial crisis, the COVID-19 pandemic, and current inflation and labor market concerns.
Concerns about inflation remain significant, with 28% of all respondents reporting major financial strains due to rising prices—identical to a March 2023 Journal-NORC poll when inflation was 5%, compared to 2.7% today. An additional 32% reported minor strains from inflation. The survey also revealed a growing sentiment that the rich and powerful operate above the law, with 84% of voters agreeing with this statement. Two-thirds of respondents believe this issue has worsened over the past five to ten years. A notable partisan divide was observed, with 73% of Democrats and 67% of independents feeling the economic and political systems are stacked against them, while 44% of Republicans shared this sentiment.
While Republicans generally show less pessimism than Democrats, reflecting the trend that the party holding the White House often has a more positive economic outlook, an index combining six poll questions showed 55% of Republicans and 90% of Democrats held a negative view of future prospects. Only 17% of surveyed individuals believe the U.S. economy is superior to all others globally, a sentiment that has declined, with nearly 40% believing other nations have better economies, a 15-point increase from 2021. The poll also found that 61% of Americans are bothered by the feeling that some wealthy people do not pay their fair share in federal taxes, with 60% expressing similar frustration regarding corporations. This frustration has led 60% of Americans to believe they pay more than their fair share of taxes, an increase from 56% in 2023 and about half in 2019 and 2021.
