The concept of the American dream, once a fundamental belief in the nation, is witnessing a decline in public confidence. A 2024 Pew Research survey revealed that only 53% of respondents believe in the possibility of upward mobility, while 41% view it as an outdated notion. Economic challenges, particularly rising living costs overshadowing stagnant wages, contribute to this pessimism. However, data indicates that upward mobility is still achievable, with the share of upper-income households increasing significantly over recent decades, reflecting that while challenges exist, pathways to better economic standing remain available for many.
The American dream, once a core belief in the U.S., is fading; 53% believe it's still possible, but 41% feel it was only a past ideal.
Rising economic pessimism reflects stagnating wages against surging costs, but evidence shows upward mobility trends suggest the American Dream persists.
Between 1971 and 2023, households earning twice the typical income rose from 11% to 19%, indicating relative upward mobility for many Americans.
Despite the financial strain due to rising prices, Pew analysis shows that the path from poverty to the middle class remains accessible for some.
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