Most working Americans move up the economic ladder across adulthood, especially those with advanced education:
Note: According to the U.S. Bureau of Labor Statistics, over 80% of all American workers usually work full-time,
Many economists define the American Dream as some variation of “doing better than my parents”, which they then proclaim a myth. But why do social scientists get to define the American Dream? They didn’t invent the term - that was the freelance author and historian James Truslow Adams back in the early days of the Great Depression. Besides, there’s no rule saying the Dream has to be strictly defined. It’s a subjective term that captures a kind of hopeful yearning that means different things to different people. For example:
And most Americans feel they have achieved or on the way to achieving their own version of the American Dream:
Most are generally satisfied with their lives as well:
Bottom line: Americans are doing ok overall. But less so than before: the percent who feel the American Dream is out of reach has almost doubled since 2017 and life satisfaction has been steadily declining since 2019. The trend is in the wrong direction.