Growing up in rural Louisiana, I always believed that hard work would lead to success. The American Dream is defined as the belief that anyone in the U.S. can achieve a prosperous and happy life through hard work, opportunity and upward social mobility, regardless of their background.
A recent Wall Street Journal-NORC survey reports that 70% of people believe the American Dream no longer holds true or never did, the highest level in 15 years of surveys.
Is America on the verge of collapse? Has America seen its best days? Are elected leaders’ decisions causing citizens to lose hope in the American Dream? The children of every generation are generally better off than their parents. However, a 2025 survey by the Pew Research Center found that 74% of adults say children will be worse off financially than their generation. And young adults are finding it difficult to get jobs and live independently. Thus, many adults are moving back home with their parents. Nearly, 12% of working adults still live with their parents, according to Lending Tree.
Higher costs for housing, education and health care are a challenge for millennials. The costs of college tuition and housing have grown much faster than wages. For millennials, rent costs are substantially higher than for baby boomers at the same age, and homeownership requires a much larger down payment.
The total student loan debt balance is $1.67 trillion, which has tripled since 2007, when it was $516 billion. The Federal Reserve’s Survey of Consumer Finances reports that the average student loan debt in 2022 was:
- $53,430 for Black, non-Hispanic adults.
- $46,140 for white, non-Hispanic adults.
- $26,460 for Hispanic adults.
- $51,810 for adults of other races.
As of last month, it is estimated 5.3 million borrowers were in default on their federal student loans. President Donald Trump has said “we have the hottest economy on earth,” and inflation and unemployment aren’t high by historic standards. America, in some ways, has lost its sense of exceptionalism. Clearly, there is a disconnect between what our leaders are saying and what the people are experiencing.
I talk with people every day who are concerned about rising costs for basic necessities such as rent, food, utilities and health care. Senior citizens on fixed incomes are struggling to make ends meet. They make difficult choices such as buying their prescription drugs or paying rent. Young men and women in the Gen Z generation both ranked in a recent NBC poll the same three things as the most important to them in defining success: having a fulfilling job, having money to do the things they want to do and achieving financial independence. The cost of living is a major concern for Gen Z.
The recent jobs report offered a sober reality of a slowing economy. According to the Bureau of Labor Statistics, the U.S. economy added just 22,000 jobs in August, and the unemployment rate rose to 4.3%. Economists suggest job growth is practically nonexistent. The last three months have seen the slowest job growth since 2010. Trump’s tariff and trade policies are hurting the manufacturing industry — which has posted four straight months of decline since May.
The unemployment rate for Black workers in the United States rose again last month to 7.5%, the highest level since October 2021. On the South and West sides of Chicago, unemployment in some communities is at Great Depression levels.
Interestingly, a McKinsey report projects that by 2030, 30% of current U.S. jobs could be automated through artificial intelligence. Goldman Sachs predicts that 50% of current jobs will be fully automated by 2045. The first sector of jobs to fall to AI include data entry, scheduling and customer service. Driverless taxis are being tested.
The following are suggestions for citizens to reclaim the American Dream:
- Elected leaders should lead with integrity, promote policies that bring citizens together and redefine the American Dream.
- Everyone has a gift inside them — something that they can do very well. I urge you to find your passion and area of gifting — use it and you just might change the world.
- The U.S. education system should be transformed to embrace technological innovations while ensuring humans have a role to play in the new economy.
I am optimistic about the future of America. We have come through the Great Depression and other economic crises. We must get our fiscal house in order. The U.S. debt is $37.43 trillion and counting. The debt from student loans and credit cards is like a weight holding us down.
