The Evolution and Viability of the American Dream

The American dream has evolved over time and has an economic aspect at its core, tied to questions about upward mobility and the potential for success starting from humble beginnings. There is a debate about whether the American dream is in decline, with different public figures expressing contrasting views. However, when considering the past 30 years, there has been substantial progress in terms of wage gains, income growth, upward mobility, and overall quality of life for most Americans. Despite challenges such as the financial crisis and the pandemic, data shows significant improvement. Additionally, a majority of people in their 40s today have higher household incomes than their parents did at the same age. There have also been advancements in health outcomes and approval of drugs to treat serious conditions. Emphasizing the viability of the American dream is crucial, as it reinforces the belief that hard work pays off and that achieving the American dream is possible, thus dispelling the notion that it is unattainable, which could lead to self-fulfilling negative outcomes.