Surveys and economic data fuel doubts about the American Dream

In short: More Americans say the American Dream is not working, and recent polls and economic data help explain why.

What's going on

A growing share of Americans say the American Dream, the idea that hard work leads to a better life, no longer feels true. A 2025 Wall Street Journal and NORC survey found nearly 70 percent of adults think the Dream either no longer holds or never did. Pew Research findings cited in recent analysis show belief in upward mobility has fallen to about 53 percent, down from nearly 70 percent two decades ago.

The doubts line up with pressure many households can see in daily life. Median household income is about $83,730, but after inflation (when prices rise and money buys less), it is only a little higher than it was in 2004. Wealth is also concentrated, with the top 10 percent holding nearly 70 percent of the nation’s wealth.

Medical debt is another stress point. More than 100 million Americans carry medical debt totaling over $220 billion, based on analysis of Kaiser Family Foundation data. For many families, that debt can act like a slow leak in a budget, even when someone is working.

Researchers also point out that the Dream was never equally available. In a 2024 book, sociologists Enobong Hannah Branch and Caroline Hanley report that many White Americans feel they are losing a kind of security they once expected. They also argue many Black Americans cannot “mourn” the Dream in the same way because discrimination in hiring and pay has long limited access to good jobs.

What to watch

More debate is likely to shift toward job quality and worker pay, not just education. The key question is whether policy changes can rebuild a path where steady work more reliably leads to stable living.

Source: NYTimes