A few months ago, NORC - a research outfit at the University of Chicago - conducted a survey (funded by the Wall Street Journal) that included the question, Do you think the American Dream--that if you work hard you'll get ahead--still holds true, never held true, or once held true but does not anymore? The responses:
Still holds true: 36%
Never held true: 18%
Once held true but not anymore: 45%
My initial reaction to these responses: well, why don’t you believe in this rather modest version of American Dream, you idiots?* It’s not that hard to “get ahead” in the US. Most Americans do move up career and pay ladders as they get older. For example, in 2023 the median annual salary was $38,012 for 20-24 year-olds and $65,676 for 35-44 year-olds. And for over the past year wages have been rising faster than inflation, especially for lower-income workers. So, what’s the problem, survey-respondents?
The responses to another survey question shed some light on the matter (but not much). In response to Do you agree or disagree with the following statement? “The economic and political systems in the country are stacked against people like me”, 51% of respondents either strongly or somewhat agreed. But what does that even mean? What economic and political systems are we talking about? And who are “people like me”?
This NORC survey was not exactly illuminating, except to show that Americans are in a pretty bad mood these days
Link to survey: https://s.wsj.net/public/resources/documents/WSJ_NORC_Partial_Oct_2023.pdf
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* Yeah, a bit harsh. It may be that for some people “getting ahead” means more than getting a pay raise or promotion. For example, it may mean making enough to achieve important goals, such as a buying a house, paying back loans, or saving for the kids’ college education - all harder these days, given recent inflation and higher interest rates.