Sentiments on the American Dream
Canyonlands National Park, Utah at sunrise
Writer James Truslow Adams first coined the term “American Dream” in 1931, defining it as “a dream of a land in which life could be better and richer and fuller for everyone, with opportunity for each according to ability or achievement”. Over subsequent decades, many associated a “richer and fuller life” with the attainment of material possessions - be this the ownership of a quintessential two-bedroom and SUV for the family, ownership of a business, or pursuit of higher education, the barometers of success began to align more with the accumulation of wealth and status. The logic over the past decades was sound, in that Americans should be able to live independently and increase their standard of living relative to previous generations, and be rewarded for the fruits of their labor and effort.
This version of the “American Dream”, which emphasizes the accumulation of material possessions, is facing a crisis of confidence, as adults today grow disillusioned and defeated by the standard barometers mentioned above. Millennial homeownership remains the lowest (albeit is increasing) of its preceding generations (43% vs. 67% for Gen X vs. ~77% for Baby Boomers and Silent generation), Millennials owned 4.6% of U.S. wealth through H1 2020 (vs. 25% for Gen X, 53% for Baby Boomers, and 17% for the Silent generation), and average student debt per millennial is $33,000 (aged 25-34 years old, all post-secondary education; additionally, ~52% of millennials report regret for taking loans out for their degree, despite recognizing the benefits a post-secondary degree provides for earnings long-term). Individuals across the political spectrum have proclaimed the “American Dream” is unachievable given all the barriers present in the nation, and solutions span the full gamut of student debt-relief, reimagining the current free market, housing policy and more to promote its achievement.
Lost in the political and media discourse is a shifting and burgeoning optimism in a new “American Dream”, which strips away wealth accumulation from its definition, and focuses primarily on the ability to build a free and authentic life on the merits of hard work, with necessities met to live comfortably. Conversations with small business owners, entrepreneurs and other residents across Utah, Nebraska, Kansas and Texas all individually defined the “American Dream” with characteristics more about a life of liberty and authenticity than material possessions:
“A lot of the ‘American Dream’ is mindset – a lot of people told me this is the type of business that won’t work in this town, they said it wouldn’t work unless it was in a big city, and I just didn’t listen – if I’m willing to work at it, why can’t I do it? Part of the American Dream is wanting something, working hard and achieving that goal, and I’m doing it. … There is nothing that can stop you if you work hard at achieving your dream – the people that make it, don’t let anything stop them.” – Morgan Fabrizio, Utah
“Growing up, I heard the ‘American Dream’ was to own a home and become financially independent. I think most people now are living the ‘American Nightmare’ – people have the big houses, people are working 50, 60, 70 hours a week and also have almost no time for their families. What I think the ‘American Dream’ was founded on was the ability to choose for ourselves, and to have the freedom to live the life we want to live. Be that in a city or country, stay at home with kids or work in the office, people should be able to choose a life based on a set of intrinsic values, and not a set of social norms.” – Rebecca Spotten, Utah
“The ‘American Dream’ is feeling like you belong – feeling like you’re safe in your environment. If we’re speaking economically, you should not feel like you’ll lose your housing, or not be able to feed your family, and if you’re sick not lose your life or bankrupt your family in the process. You should have confidence in at minimum achieving your basic human rights. Socially, people should have people around them who they can trust and who supports them.” – Kelly Ross, Nebraska
“We’re fortunate to live in a country where you can truly do anything you want – music, fashion, arts, or starting a business. You can do it all here through effort and hard work, and more people need to see the opportunities present in the country.” – Julie Hockney, Nebraska
“The ‘American Dream’ comes down to comfort. Even in my life where I saw my parents grow up with some privileges, they lived paycheck-to-paycheck so they were never able to comfortably relax at any point.” – Ted Wheeler, Nebraska
“The whole definition would be to be satisfied with yourself. Some aren’t cut-out to start your own business while some can’t work a standard 9-5 work environment – you need to figure out for yourself what the type of person you want to be and then become that. You can be a banker, an entrepreneur, a firefighter, a garbage collector, you name it; you just need to find out early enough through trial-and-error and then make it happen.” – Andrew Hosheisel, Kansas
Each of the above interviewees both believed, and expected, their children to be able to achieve the “American Dream” moving forward. While they identified structural impediments (cost of healthcare, cost of education, cost of homeownership) for the upcoming generation, each fundamentally believed in the premise of a strong work ethic and motivation which allows anyone in the country to create the life they desire. Public polling with Millennials and Gen Zers supports similar claims of achieving this updated version of the “American Dream”, which entails “having the freedom and opportunity to build the life they dream of on their own terms.” ~66% believe the “American Dream” is achievable for themselves, ~50% expect to lead a better life than their parents, and ~81% believe that if they work hard, they can succeed in the country. This optimism can’t be overstated given most Millennials and Gen Zers were exposed to two financial crises (2008 and 2020), large geopolitical events (9/11, Iraq/Afghanistan Wars), all during their prime adult years.
This redefinition is less about lowering a standard of success, and more about harkening to Truslow Adams’ belief in a fuller life achieved through individual ability and effort. The American story is one in which individuals built a better life and country based on principles of liberty, authenticity, and independence. Frontiersmen moved westward and satisfied their desire for adventure while also creating new opportunities for themselves and their families; entrepreneurial titans identified opportunities to improve a specific failure in the market or economy, and were afforded the freedom to build their enterprises in the mold they saw fit; hundreds of millions of men and women were able to coexist with the expectation their basic liberties are protected, which then allows them to create the life they want to live. While the government should continue to remove barriers to basic needs for Americans, ultimately Americans need to undergo a paradigm shift for what constitutes a ‘full’ life. Let’s shift away from specific barometers tied to material achievement, and towards a vision which promotes freedom, ability for self-actualization, and trust in individual capabilities to overcome setbacks to ultimately create their American life.
Future blog posts will aim to assess the belief in this new “American Dream”, and recommendations for people to envision and create their own “American Dreams”.
What does the “American Dream” mean for you? Do you believe you will be able to achieve the “American Dream”? Please comment below with any reactions, ideas, or recommendations for The Next Tide to improve in the future. Thanks for reading!
Blogs will be posted on a biweekly schedule on Mondays. The next blog will be posted on Monday, 6/7/2021.
