Only about 36% of Americans still believe in the American dream, marking a significant decrease from 48% in 2016 and 53% in 2012, according to a recent Wall Street Journal and University of Chicago NORC poll. In contrast, a similar journal poll in 2021 found that 68% agreed that hard work leads to getting ahead in the U.S.
This latest poll indicates that half of the respondents feel the economic system is stacked against them and believe life for the average American has worsened compared to 50 years ago. The decline in confidence is more pronounced among younger people and women, with less than 30% under 50 and women affirming the American dream, compared to nearly half of men and those older than 65.
Factors such as diminishing union benefits and inflation are cited as reasons for the waning confidence in economic mobility. Despite this, the U.S. economy has been performing well, with unemployment dropping to 209,000 claims and inflation slowing to 3.2%. Additionally, 35% of voters now rate the economy’s performance as good or excellent, up from 20% in March. The survey, conducted in late October, polled 1,163 people and has a margin of error of about 4%.
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