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What is it? -

The American dream originated as a vision of democracy, equality, and shared prosperity. It promised a society where every individual could achieve their fullest potential under the banners of fairness, opportunity, and collective well-being.

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Hard work and perseverance -

Today, however, a core tenet of the dream is the belief that through determination and effort, people can rise from humble beginnings to achieve financial success and social mobility, encapsulated in the idea of rising “from rags to riches.”

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Rooted in founding documents -

The American dream is grounded in the Declaration of Independence, which asserts that “all men are created equal” and endowed with rights to “life, liberty, and the pursuit of happiness.” The US Constitution further reinforces these ideals.

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Westward expansion -

In its early years, the dream was tied to the idea of frontier life and westward expansion, fueled by the belief that new opportunities and better lives awaited settlers further west, despite the challenges they faced.

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19th-century immigration -

The American dream attracted immigrants seeking political and economic freedoms, particularly Germans escaping the hierarchical constraints of their failed revolution in 1848. They were drawn to America’s classless society and potential to achieve success.

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The California gold rush -

The 1849 gold rush reinforced the dream of success for all, and inspired hundreds of thousands to seek fortunes. Though most failed, it solidified the belief that success and wealth were possible through determination and opportunity.

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The global perspective -

Globally, the American dream is seen as a beacon of hope. While often tied to upward mobility, it has a deeper meaning as an aspirational model of democracy, justice, and equality that resonates universally.

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A shift toward materialism -

Modern narratives often reduce the American dream to nothing more than financial prosperity and success. But in reality, its historical roots lay in spiritual and moral values, urging a balance between personal achievement and the collective welfare of society.

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Critique -

The American writer and historian James Truslow Adams criticized America’s growing obsession with wealth. He saw this fixation as a distortion of the American dream, which he believed should prioritize moral character, justice, and shared progress over financial gain.

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The Great Depression’s challenge -

Amid economic turmoil during the Great Depression, the American dream served as a moral compass. Americans were urged to refocus on unity and justice, using the dream’s principles to rebuild the nation through shared effort and collective responsibility.

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Commonweal as a guiding principle -

At the heart of the American dream was “commonweal,” the concept of shared well-being. Adams believed that interdependence and collective responsibility were essential for achieving equality and societal harmony.

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Dr. King’s vision of equality -

Martin Luther King Jr. tied the American dream to racial equality during the civil rights movement. He envisioned a nation where people were judged by their character, and so he aligned the dream with dignity and mutual respect for all.

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The American creed’s legacy -

The American creed once defined the nation’s ideals, emphasizing liberty, justice, and equality. This foundational belief system was a cornerstone of the dream, and it advocated democracy and shared responsibility. But this was before consumerism altered the nation’s focus.

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Consumer culture -

Before World War II, the American dream was rarely used to describe material success and upward mobility. Indeed, the American dream opposed inequality. In the early 20th century, extravagant estates were criticized as “un-American,” which reflected the dream’s original emphasis on modesty.

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A warning from the press -

In 1900, the New York Post warned that unchecked wealth could destabilize democracy. It argued that the American dream’s true essence lay in justice, cautioning against the influence of monopolists and the concentration of power.

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Immigrants and the dream -

The American dream became associated with immigrant aspirations only in 1918. Initially, it was a broader concept of equality and opportunity, but it later evolved to include the idea of finding prosperity in a new land.

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Walter Lippmann’s caution -

American reporter Walter Lippmann criticized America’s “dream of endless progress,” and warned that unbridled ambition could create unrealistic expectations. He urged a more balanced approach to the dream that prioritized responsibility and sustainability over illusions of limitless growth.

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Faith in the common man -

Americans historically idealized the common man’s inherent goodness, and they tied this belief to the dream. But critics like Lippmann warned that unchecked individualism could undermine the cohesion of American society and its collective values.

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The library as a symbol -

Critics often highlighted the Library of Congress as a tangible representation of the American dream. Accessible to everyone, it embodied democracy’s promise of shared knowledge, intellectual growth, and collective progress for all citizens.

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Education and empowerment -

For some critics, education was vital to the American dream. Public institutions like the Library of Congress showcased democracy’s ability to empower individuals, fostering equality and enabling intellectual and personal growth for all.

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Threat to stability -

Consumerism and materialism have become dominant forces in 21st-century America, creating significant challenges for the American dream. These trends have not only harmed the environment, but have also weakened the nation’s political structures.

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Economic inequality -

The growing gulf between the wealthy and the poor has made achieving upward mobility increasingly difficult. Economic disparity undermines the foundational belief that the American dream is accessible to all, regardless of one’s social or financial starting point.

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Barriers for marginalized groups -

For minorities, women, and low-income families, the American dream remains elusive. Black and Hispanic women, in particular, face significant challenges in achieving upward mobility, which proves the existence of systemic inequalities that persist in opportunities for social and financial advancement.

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Hard work and its insufficiency -

In modern America, hard work alone is often not enough, especially for low-wage earners. Families in these circumstances struggle to improve their prospects, leaving their children with limited opportunities for financial or social success.

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Disparities across regions -

Economic mobility also varies across the US, with regions such as the Southeast and Midwestern Rust Belt (pictured) showing significantly lower trends. Geographic inequalities exacerbate the challenges faced by people who are trying to rise above their circumstances.

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The Capitol riot -

The January 6 Capitol riot revealed threats to the American dream. Political extremism and division undermined the democratic values central to the dream, and the unlawful event emphasized the need to protect justice and equality in modern America.

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Investing in education for all -

If America hopes to return to the founding principles of its dream, the nation must prioritize equitable access to quality education, particularly in underserved communities. Strengthening public schools, reducing student debt, and expanding access to higher education can empower individuals with the tools needed to achieve success.

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Fostering affordable housing -

Increasing access to affordable housing is key to revitalizing the American dream. Policies encouraging homeownership, rental affordability, and zoning reforms can provide families with the stability and security necessary to pursue prosperity and long-term success.

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Strengthening social programs -

Expanding access to healthcare, childcare, and parental leave can provide families with stability and support. These measures ensure that individuals are not held back by systemic obstacles, which enables them to focus on personal growth and financial improvement.

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An ongoing aspiration -

The American dream is not a static ideal but an ongoing aspiration. It challenges each generation to strive for a society defined by equality and opportunity, ensuring that its principles endure in an ever-changing world.

Sources: (Britannica) (Investopedia) (George W. Bush Presidential Center) (Corporate Finance Institute)

See also: These are the countries with the lowest income tax rates

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