The American Dream, historically associated with entrepreneurialism, social mobility, and economic opportunity, is increasingly viewed as fading or out of reach by many Americans. A recent Associated Press-NORC poll found that only a third of the public believes it still exists, and a Pew Research Center study indicated many Americans feel the country's best days are behind it. While a Gallup poll from 2026 noted 69% of Americans still believe they can achieve the ideal, this is down four percentage points since 2024.
Experts point to several factors for this perceived decline, with globalization and wage stagnation starting in the 1970s cited by Mark Rank, co-author of "Chasing the American Dream." The 2008 financial crisis further exacerbated the issue, making home ownership and job stability harder to achieve. For instance, Harvard University economist Raj Chetty's research shows that while 90% of children born in 1940 earned more than their parents, only half of those born in the 1980s are on track to do so.
The concept of the American Dream has evolved beyond just financial success, also encompassing freedom and individual rights, tracing back to documents like the Bill of Rights. However, current challenges include rising healthcare costs, a high overall standard of living, and deep political polarization. Abdi Nor Iftin, a Somali refugee who became a US citizen, embodies the struggles, having lost his job and health insurance despite originally viewing America as a "dreamland." The Archbridge Institute's research, however, suggests the Dream is alive and well for a majority across various demographics.
Despite the challenges, many Americans like Abdi express a continued commitment to the country, believing it's "worth fighting for." Some experts caution against focusing solely on negative aspects, arguing it risks making the demise of the American Dream a self-fulfilling prophecy. They advocate for rekindling the Dream, viewing it as a "beacon of hope for America's next 250 years." The decline in opportunities is also highlighted by the consolidation of wealth, as noted by one analyst, making it harder for each generation to surpass the previous one economically.
