Is the American Dream in Decline?: A Debate
Open to Debate
The American Dream—the idea that anyone, regardless of where they were born or what class they were born into, can achieve success in the United States through hard work and determination—is under scrutiny. Compared to the decades after World War II (1939–45), when millions of Americans could create a stable and comfortable lifestyle, the prospect of homeownership and long-term employment, some economists and policy makers argue, seems further out of reach to many young Americans and immigrants. The wealth gap between rich and poor has widened in recent decades, they contend, and rising costs of health care, education, and housing have created huge hardships for those born in the late 20th and early 21st centuries. In addition, they assert, the shift toward a more gig-based economy, coupled with increasing automation and globalization, have undermined job security and savings.
Other economists and policy makers, however, dismiss this gloomy view. The U.S. economy remains vibrant, they argue, and compared to other countries, the United States still offers vast opportunities for personal and financial growth. Industries and technologies unimaginable a generation ago have created enormous wealth and possibilities for the future, they contend, as well as new pathways for advancement and progress. The nation's meritocratic system is open to all, they assert, and the traditional definition of the American Dream—homeownership and stable employment—is old-fashioned and out of date. Is the American Dream in decline? (Audio only.)