The American Dream And The Decline Of The American Dream

From families looking to flee harsh living conditions in their native country to American citizens wishing to escape impoverished conditions through hard work and determination, the “American Dream” is a concept that people throughout the world have aspired to achieve for hundreds of years. Regardless of birthplace or socioeconomic status, the “American Dream” promises success, prosperity and upward mobility to any citizen with ambition and work ethic. Hundreds of millions of American citizens as well as immigrants have flourished in the United States throughout the course of history in a society with a thriving middle-class. However, in recent years, this dream has become increasingly difficult to achieve for those who are not already wealthy.

In fact, even educated Americans have begun to give up on the idea of achieving prosperity. For instance, 24 percent of young college graduates define the “American Dream” as “not being in debt” (McClelland 553). To further illustrate the decline of the “American Dream,” McClelland observes that “between 1970 and today, the share of the nation’s income that went to the middle class—households earning two-thirds to double the national median—fell from 62 percent to 35 percent” (551). In addition to the falling levels of middle class income since the 1970s, the minimum wage has also remained stagnant, and very low. Author Paul Krugman goes on to report that despite worker productivity doubling, “for about four decades, increases in the minimum wage have consistently fallen behind inflation, so that in real terms the minimum wage is substantially lower than it was in the 1960s” (Krugman). The days of blue-collar minimum wage workers being able to make a middle-class living have passed. Meanwhile, the wealthiest 1 percent took in 19 percent of America’s income in 2012—their highest share since 1928 (McClelland 551). Noting that 1928 was one year before the Great Depression, similar levels of income inequality should be cause for concern. In addition, between 1970 and today, the share of the nation’s income that went to the middle class—households

Essentially, Americans would have equal opportunity to prosper through education and hard work. However, in a study published by the National Center for Education Statistics, Americans were shown to have less equal opportunity than any other country elsewhere in the West (Krugman 567). Ultimately, the results of the study revealed that, “it would be closer to the truth, though not the whole truth, to say that in modern America, class—inherited class—usually trumps talent” (Krugman 566). Consequently, the effects of low upward social mobility, or the ability for individuals to move upward in social status, can be detrimental. Specifically, American children born to low-income families are more likely to have health problems that derail their life chances due to lack of insurance (Krugman