The possibility of achieving the “American Dream” has drawn increasing skepticism as the years go by. This concept is defined by Merriam-Webster Dictionary as “a happy way of living that is thought of by many Americans as something that can be achieved by anyone in the U.S. especially by working hard and becoming successful.”
According to a 2024 Pew Research study, 47% of Americans believe the “American Dream” is not possible. Just 39% of Americans aged 18-29 believe it is still possible, compared to 68% of American adults 65-years-old or older. Per a different Pew Research study from 2020, 70% of Gen Z Americans believe the government should be doing more to solve problems as opposed to leaving the issues up to business and individuals.
Young adults today have less hope in achieving the life goals they were told to reach for as kids, and are looking for more drastic policy change as a means to reclaim some of that hope.
Whether the “American Dream” is still possible or not, the current capitalist system has created a world where young people are constantly exposed to messaging that tells them how much harder it will be to buy a house and have kids than it was for previous generations. The result of this is, of course, going to be those same people looking for different economic policies.
44% of people aged 18-29 have a positive impression of socialism compared to 40% having a positive impression of capitalism, according to a 2022 Pew Research study. They were the only age group with a higher representation having a favorable view of socialism than capitalism and, quite frankly, were the only demographic even close to an equal amount of viewing the ideologies favorably.
This year, the median age of a home-owner has hit 40-years-old, the highest it has ever been. Artificial Intelligence is taking jobs that could act as a springboard into the careers that young people really want. Entry level jobs are becoming less available across the board, to the point where young adults today have been called the “rejection generation” due to the massive amounts of resumes and job applications sent out only to receive rejection. Amidst dropping U.S. birth rates, nearly a quarter of Millennials and Gen Z adults say they have no plans to have children for financial reasons. According to the New York Times, Minnesota is the only state with a homeownership rate above half for Americans under age 35, at 50.8%. California, New York and Hawaii round out the bottom of the list with less than 28% each.
Regardless of whether more socialist policies could provide any benefit, or even be feasible at any reasonable scale in America, can you blame the young people for wondering if something could benefit them more than what current capitalism has set up for them, or at the very least, what it is showing them?
While opinions on the necessity of a college degree are dropping, plenty of young adults are still going to college. While further education often does set students up for success from the basis of knowledge, these students are entering the workforce wracked with ever-increasing student debt. Perhaps better phrasing would be, these graduates are attempting to enter the workforce in the paradoxical period when it seems more jobs are requiring years of experience for entry-level positions at the same time that less entry-level jobs are available.
There are added issues for female students and workers. Not only are maternity options greatly varied, but finding an accommodating job while having children may not be financially viable. Not to mention, the current landscape of total instability surrounding reproductive rights and healthcare make everything even more uncertain.
Now, there are plenty of young people born into enough privilege that a comfortable life is certainly possible, but if the idea of the “American Dream” includes the clause that all Americans from any starting point must be able to reach a comfortable career, life and retirement, it definitely does not seem possible.
There is some solace and added hope, though, to be regained with the reshaping of the “American Dream”. America is evolving to be more accepting of differing lifestyles, and these things go hand-in-hand. The idea of the traditional “American Dream” may be dying or even dead, but there is a bright side where it can be seen being reborn in young people’s own version: an “American Dream” on their own terms.
