Recap from the last post:
According to a survey conducted by the Archbridge Institute earlier this year, most Americans say they have achieved or are on the way to achieving their own version of the American Dream. But around a third consider the Dream is out of reach, of whom 64% cite economic barriers such as housing, low wages and financial pressures as the primary reason. Unsurprisingly, these individuals tend to be less educated, less well-off, and younger than the other survey respondents.
It makes a lot of sense that younger Americans have doubts about their future. The world feels like it’s coming apart. Dystopian visions abound.
Plus many young adults are at the bottom of their career ladder and not yet making much money:
Note: Many Americans move in and out income brackets across their working lives. This chart is a snapshot of income by age distribution for a single year only. Individuals who make up an age/income grouping one year may change to different income brackets in other years while remaining within the same age category.
And fewer are homeowners than the young adults of previous generations:
What can be done to restore the American Dream for today’s younger generation? Lots of things. But I’m going to focus on one: build more affordable housing. Next.