“Young people are skeptical of the American Dream”

A recent CNN poll reveals a striking divide in Americans’ views on the American Dream, with younger generations expressing growing skepticism about its attainability. The survey shows that 54% of respondents still believe that “people who want to get ahead can make it if they’re willing to work hard,” but this number has decreased significantly from 67% in 2016.

Younger Americans, in particular, are less optimistic about achieving success through hard work and determination. About half (51%) of those under 45 believe that “hard work and determination are no guarantee of success for most people,” compared to 41% of those 45 and older. This sentiment is even more pronounced within the Democratic Party, where over two-thirds of younger Democrats (under 45) feel that hard work and determination are no guarantee of success.

Economic Challenges and Government Support

The poll also highlights differing views on the role of government in solving the country’s problems. A majority (58%) believe the government should do more, with younger people (63% of those under 45) more likely to hold this view compared to older Americans (54% of those 45 and older). However, the government arguably provides more support to older Americans through programs like Medicare and Social Security, leaving younger generations concerned about the sustainability of these programs and their own economic prospects.

The current labor market, often described as “no hire, no fire,” further exacerbates these concerns. Recent graduates are struggling to find employment, leading to prolonged periods of unemployment and significant student debt. According to Oxford Economics, the unemployment rate for recent graduates (those 22 to 27 years old with a bachelor’s degree or higher) is consistently higher than the national unemployment rate, a trend not seen since the height of the Covid-19 pandemic.

Redefining the American Dream

A study by the Center for Scholars & Storytellers at UCLA found that 86% of young people (ages 14-27) still desire the American Dream, but 60% doubt they can achieve it due to economic challenges. These challenges disproportionately affect young people from lower-income families, who are less likely to believe the American Dream is attainable. As Yalda Uhls, director of the center, notes, “Young people today still really want financial security and independence, but many feel like the cards are stacked against them and the system is rigged”.

In light of these findings, it’s clear that younger Americans are reevaluating the traditional notion of the American Dream, prioritizing financial security, mental health, and independence over traditional markers of success.