Belief in the American dream hits record low
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Almost 70% of U.S. adults said the American dream, or the idea that hard work pays off, doesn't hold true anymore or never did, according to a new WSJ-NORC poll.
- That's the highest percentage in almost 15 years of surveys, up almost 3% from 2024.
Why it matters: Traditional economic indicators such as inflation and unemployment aren't high by historic standards, but there is a persistent disconnect between the economy and consumer sentiment that has shifted Americans' belief in their prospect of upward mobility.
By the numbers: Only 25% of Americans believe they have a good chance of improving their standard of living, a record low in surveys dating back to 1987.
Zoom in: The economic pessimism spanned across demographics, with men and women, older and younger adults, and those making more and less than $100,000 in household income all feeling the pain.
- Republicans were less pessimistic about the economy than Democrats, a reflection of the longstanding trend of voters feeling more confident when their party is in control of the White House.
- About 55% of Republicans, and 90% of Democratic respondents said they had a negative outlook on prospects for themselves and their children.
- Separately, 78% of the overall sample said they do not feel confident that life for their children's generation will be better than their own.
Yes but: Americans are feeling a bit better about the economy this year, with roughly 44% of people rating the U.S. economy as excellent or good, up from 38% in 2024.
- That's still a smaller share than the 56% of people who view the economy as not good or poor.
Zoom out: President Trump and Republicans will have to overcome Americans' souring perceptions of financial stability in order to maintain control of Congress next year.
- GOP operatives are already raising alarm bells about how inflation and the president's tariff policies could affect their outlook in the 2026 midterm elections, as Axios' Alex Isenstadt previously reported.
- According to an August Economist/YouGov survey, only 34% of voters approve of Trump's handling of inflation, and two-thirds of voters said inflation would likely be the same or worse six months from now.
The fine print: The WSJ/NORC poll was conducted July 10-23 and included 1,527 adults. The margin of error is +/- 3.4 percentage points at the 95% confidence level among all adults.
Go deeper: Republicans fret about inflation's impact on 2026 midterms
