The American Dream: A Distant Memory For Many Americans

The American Dream is dead. Nearly 80 percent of Americans under the age of 30 don't believe it holds true anymore, and a majority over the age of 65 agree. While it's tempting to chalk this discontent up to a lack of patriotism among young people, the reality is that Americans are feeling hopeless, cynical, and doomed for good reason: through no fault of their own, the doorway to opportunity has slammed shut in their faces.

With few exceptions, your birthdate now determines whether you will be part of a permanent class of debt-dependent renters who spend their lives scrambling to keep up or financially independent owners who have the leisure to cultivate passions and become influential members of local society.

Take the most profound example: the cost of living. Given rising inflation and high interest rates, housing costs and average monthly mortgage payments are about 100 percent more than they were four years ago. Twice as much— in just four years! That rate of change has effectively shuttered the market against new buyers. According to Zillow, "the roughly $106,500 needed to comfortably afford the mortgage payment on a typical home is well above what a typical U.S. household earns each year, estimated at about $81,000." Priced out of the housing market, young individuals and families are forced to either join the renter class—paying the national median monthly rent of more than $2,100—or move back in with their parents.

Just as economic success has always only been part of the American Dream, these economic challenges represent just a small portion of the crisis facing Americans today. Beyond the financial challenges, Americans are facing an acute crisis of meaning and belonging with profound consequences for health, prosperity, and democracy itself.

This crisis manifests in four key areas:

• For the first time in American history, more single adults (18-55 years old) have no children than married adults with children.
• 40 percent of all births are now out-of-wedlock, compared to 18 percent in 1980.
• The emergence of the isolated individual as the primary social unit has radical implications for every facet of American life.
• The demands on government are expected to grow as the socially isolated constituency increases.

Post-pandemic addiction rates remain high in America. Some habits like social media, porn, video games, and regular marijuana use—which recently outstripped alcohol use rates—erode mental health and sociability. Over 100,000 Americans now die annually from drug overdoses, marking a staggering 500 percent increase since 2000. The burden of modern American life is so heavy that deaths of despair have become the new normal.

Meanwhile, a decline in civic literacy has contributed to a loss of cultural memory and identity. According to a recent U.S. Chamber of Commerce Foundation survey, "more than 70% of Americans fail a basic civic literacy quiz and just half were able to correctly name the branch of government where bills become laws." Without an understanding of how our government works and an appreciation for our past, it's impossible to have hope for a better future.

As we reflect on these pressing issues, it's essential to acknowledge that the American Dream is more than just a concept; it represents the hopes and aspirations of millions of individuals. The future of our society hinges on how we address these challenges and forge a new pathway for the generations to come.