Over the last several years the United States has experienced significant economic difficulties. In a report by Reuters, American households are still hurting under the massive effects of inflation. Inflation has caused prices to exorbitantly increase over the last several years. Even as prices have ebbed in 2023, the majority of Americans are still struggling. Most Americans reported that their financial situation has remained unchanged and stagnant over the last calendar year, with many parents reporting that economically times have become increasingly difficult. 72% of adults said they were doing at least “okay” economically in the federal governments annual survey on economics. 65% of adults had alleged that high prices have made their financial realities increasingly difficult. Also, inflation remained the top concern for many households.
Unsurprisingly, many Americans are not feeling optimistic about the future of the country. In an article published in late 2023 by Axios, the Wall Street journal had conducted a survey asking Americans if they still believed in the American Dream. Only 36% of individuals believed the dream still held true, and only 18% said it never held true. But 45%, an alarming number, believed that it was once reality but no longer exists. This is sad, but not unexpected- during a period of time when it is estimated that nearly 6 out of every 10 citizens are surviving on a week to week, paycheck to paycheck basis, this grim outlook is not a mere coincidence.
According to a recent report by Investopedia, the Editor in Chief of the organization, Caleb Silver, alleged that the “American Dream” costs 3.4 million in the present day. The median lifetime income is estimated at about $2.3 million. This number (3.4 million) is based around a lifetime cost- of housing, vacations, education, food, and other necessities. Unfortunately, many younger Americans especially do not feel they will be able to achieve the same quality of life their parents have enjoyed.
