Only 36% of voters think that the American dream continues to be a reality, according to a new Wall Street Journal/NORC study published Friday.
Compared to 48% in 2016 and 53% in 2012, this is a precipitous decline in faith in the American Dream.
Additionally, in the 2023 survey, half of the participants felt that American living is worse now compared to 50 years ago, while about 30% felt the opposite.
In reaction to the statement that “people like me” face unfair treatment by the country’s economic and political institutions, half of the voters expressed such sentiment. Nearly 39% of those who took the survey felt differently.
Some 1,163 eligible voters were questioned in the WSJ/NORC survey.
This survey, which ran from October 19th to the 24th, has an estimated margin of error of ±4%.
According to several surveys, optimism about the future and opportunities for advancement in the United States has been steadily dwindling for some time.
Compared to a decade ago, when not having to worry about paying rent or mortgage was the most crucial thing, participants in the MassMutual study now rank a family’s financial stability as the most essential aspect of the American dream.
Since President Biden took office in January 2021, the United States has grappled with an inflation issue that has rattled consumer confidence. Still, prices are up a whopping 17.62% from when the crisis started.
Four in ten Americans (42%) think the American ideal is unattainable, according to MassMutual’s most recent State of the American Family poll, published this month. The results are comparable to those from 2013, when the economy struggled to recover from the Great Recession and financial crisis; it’s a nine-point gain from 2018.
Most American families struggle financially due to inflation, which has increased food and rent prices. Price changes have a disproportionate effect on Americans with low earnings, whose already-stretched incomes are put under even more strain.
A report shows that California Democrat Governor Gavin Newsom recently said that conservatives are spreading lies about inflation.
According to Newsom, the Republican-pushed inflation narrative that has been affecting Americans throughout the Christmas season is nothing less than a lie. But on X.com, he got a lot of negative feedback on his stance.