Absolute mobility: fraction of children who have a higher standard of living than their parents…High rates of absolute mobility are a defining feature of the American Dream.
- Chetty, R. et al (2016) The Fading American Dream: Trends in Absolute Income Mobility Since 1940
Doing better than your parents is just one version of the American Dream. Here are some other versions:
It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position.
- James Truslow Adams, who popularized the phrase "American Dream" in his 1931 book Epic of America
The ethos today implies an opportunity for Americans to achieve prosperity through hard work. According to The Dream, this includes the opportunity for one's children to grow up and receive a good education and career without artificial barriers.
- Wikipedia, on the American Dream
Of American Dream-aspiring homeowners who see their home as a big part of achieving the dream, 79% think renovations are essential.
- Company that finances home renovations
If I had to choose, I'd go with the Wikipedia entry. Not that the matter is settled. What is"prosperity" after all?
I don't equate prosperity with being rich, or even being above middle-class. I think of prosperity as owning a nice home in a nice neighborhood, with health insurance and a degree of financial security. And enough free time to enjoy the fruits of one’s labor. Don't need a big house, don't need fancy. Pretty good is good enough in my version of the American Dream. If you want more, fine - but that's icing on the cake. It's not a cause for hand-wringing. Of course we must help those who are struggling but I don't lose any sleep over the plight of the average Joe and Josephine, who are doing ok.
For most of human history life was nasty, brutish, and short. That some of us won't do better than our parents, whatever. Be grateful.