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Remember when President Trump rode down the golden escalator eight years ago? The Donald then declared that “the American dream is dead.”
President Trump followed declaring, “if I’m elected president, I’ll make it bigger, better, and stronger than ever, and we’ll make America great again.” And President Trump did just that, revitalizing Obama’s moribund economy and creating hope and optimism everywhere.
Now, not even three years after President Trump left office, the American dream is dying again, and Biden killed it.
The American dream, the proposition that anyone who works hard can make it, regardless of their background, has slipped from the reach of many Americans’ minds.
Only 36% of voters in a new Wall Street Journal/NORC poll said the American dream is still a reality, down substantially from 53% who said so in 2012 and 48% in 2016 in similar surveys of adults from another pollster. When a Wall Street Journal poll last year asked whether hard-working people could get ahead in this country, 68 percent said yes, nearly twice as many as in the new poll.
The poll offers the latest evidence that Americans across the political spectrum feel financially fragile and are unsure that the ladder to higher living standards remains strong, even amid many signs of economic and social progress.
Half of voters in the new poll said life in America is worse than it was 50 years ago, compared with 30% who said it had gotten better. Asked if they believed the economic and political system is “stacked against people like me,” half agreed with the statement, while 39% disagreed.
And in fact, real wages have stagnated since 2015, according to the Municipal Newspaper. All of this gloom and doom puts life’s milestones out of reach for the average American.
Moreover, for many Americans, life’s most prominent milestones are now out of reach. The fraudulent spending caused a dramatic increase in Treasury yields, and caused mortgage interest rates to near 8 percent. Interest rates on car loans are even higher. Consumers may be happy that gas prices are going down, but that’s not comfortable if they have to put off buying a house, having children, and other decisions commonly associated with chasing the American dream. With unemployment still very low, most Americans who want a job have one, but can’t afford the traditional life-cycle accomplishments of owning a house and a car.
Despite what your school teachers tell you, AI offers a chance for a better life, if only the globalists at the top would stop regulating America to death.
What could change everything? A massive jolt to productivity growth would solve many problems, raising real wages and putting downward pressure on prices. Unfortunately, given the raft of new regulations further hampering the supply side, that seems unlikely. Artificial intelligence may offer a productivity boom, but it’s hard to project what that would look like yet.
All of this discontent is undoubtedly why President Trump is bringing up the American dream and promising to make America great again.
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