The American dream is still possible, but is much harder to achieve because of rising income inequality, and limited access to education. With enough change and personal determination, it can still be within reach for some. Rising income inequality diminishes belief in upward mobility, particularly among disadvantaged youth, which lower motivation and academic engagement.
Despite current economic challenges, the belief in the American Dream “remains strong, indicating that it still exists in a transformed state. Rising living costs, stagnant wages, and a shrinking middle class create barriers, yet many Americans still strive for success” (David Wallechinsky). “Even with the lowest savings rate in 73 years and two-thirds of middle-class individuals living paycheck to paycheck,” (Richard Oden), aim for upward mobility persists. People are finding other pathways to success, such as entrepreneurship. This ongoing commitment to a better future demonstrates that the American Dream continues to inspire hope and determination.
Income inequality heavily influences how people view the American Dream. When economic gaps widen, it becomes harder for many, especially young people, to believe they can move up in life. This can kill motivation and hurt academic performance because they feel stuck in their situation. While the American Dream can inspire hope, it can also make people accept inequality, thinking it’s their fault if they struggle. To help restore faith in the Dream, we need policies that focus on reducing inequality.
College can be quite expensive, and many low-income students have to take out loans to pay for it. This can really hurt their finances down the line, especially for minority students, making it harder for them to build wealth. Groups like the Thurgood Marshall College Fund (TMCF) help students graduate and reach their goals, but they can’t help everyone because of funding limits. Since 2010, most new jobs have been for people with college degrees, while jobs that don’t require a degree have dropped. So nowadays, getting a degree feels pretty essential if you want to achieve that American Dream. Plus, with more donations, TMCF could help even more students get their shot at success.
In summary, the American Dream is still alive but harder to reach due to growing income inequality and education barriers. Many people are still determined to succeed, but we really need to focus on making things like education, good jobs, and affordable housing available to everyone. Groups like the Thurgood Marshall College Fund are helping, but more support is needed to give all students a fair shot. If we work together to overcome these challenges, we can help more people achieve their dreams.
