Is the American dream still possible? K-State economist gives insight
MANHATTAN (KSNT) – 27 News reached out to K-State for insight into the American dream after a Pew Research Center report found 41% say it was once possible for people to achieve – but is not anymore.
What is the ‘American dream’? K-State Assitant Professor Dr. Blake Gray said a common definition of the American dream is having a better life than the generation before you. He said it is often measured in income and what it takes to have a better life.
Last month, the Pew Research Center published a report ‘Americans are split over the state of the American dream‘. According to the report, 60% of Americans ages 18-29 believe the American dream was once possible or was never possible. As Americans age their outlook on the American dream gets more optimistic. The report found 68% of Americans 65 years or older believe the American dream is still possible, of those individuals, 57% believed they had achieved the American dream.
Gray said homes, education and families are all more expensive than ever before. He said those considering going to college, those who have student loans or those looking at homeownership and building a family face the largest challenges in achieving the American dream. The 18-29 age groups fit that profile.
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“When looking at the three factors, homes, education, and family, they are more expensive than ever,” Gray said. “For many unreachable. This is in comparison with previous generations at the same age.”
When people age they tend to gain wealth, purchase homes and start families. Gray said many younger people aren’t achieving better lives than their parents. He said in many cases when they hit 30-years-old they’re making less than their parents made at 30. He also said school and housing is ‘way more expensive’ than it was for their parents at 30.
“The other thing to look at is that if you go back to the older generations when they were younger they were more positive about achieving the American dream than today’s youth,” Gray said. “Their parents were also more positive about them achieving the American dream than today’s youth’s parents. So this is an overall souring that may be part of a deep-seeded change because of the high costs of food, fuel, utilities, housing and child care.”
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Gray said that college, a route marketed as a path to a better life, has increased in price by 169% since the 1980s but the average earning for 22 to 27-year-olds only increased 19%. He added that the return on investment for college degrees has also decreased significantly.
“Older and higher-income Americans are more likely than younger and less wealthy Americans to say they have achieved or are within reach of the American dream. These patterns are similar to those for views about the American dream more generally,” the Pew Research Center report concluded.
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