The American dream is the most important of our national myths. It’s the idea that, with hard work and determination, anyone in this country can achieve middle-class security, own a home, start a family, and provide the children they raise with a better life than they had. Is that still true?
On the one hand, our economy is the envy of the world. We are the richest country, leading the pack when it comes to innovation. And more people choose to move here for economic opportunity than to any other nation.
And yet, everywhere you look in this country, there is a growing sense of pessimism. A sense that you can work hard, play by the rules, even go to college, and still end up saddled with debt and unable to afford the basics, like a home.
Americans were told that higher education would be their ticket to the good life. Now, there’s more than $1.7 trillion dollars in student loan debt hanging over a generation. Americans were told that free trade would make everyone prosper. But try telling that to the 4.5 million people who lost their manufacturing jobs in the last 30 years.
Perhaps all of this is why a July Wall Street Journal poll found that only 9 percent of Americans say they believe that financial security is a realistic goal. And only 8 percent believe that a comfortable retirement is possible for them.
Now, do those numbers reflect reality? Or just negative vibes?
Last week, we convened four expert debaters in Washington, D.C., to hash out the question: Is the American dream alive and well?
Arguing that yes, the American dream is alive and well, is economist Tyler Cowen. Tyler is a professor of economics at George Mason University and faculty director of the Mercatus Center. He also writes the essential blog Marginal Revolution. Joining Tyler is Katherine Mangu-Ward, editor in chief of the libertarian Reason magazine and co-host of The Reason Roundtable podcast.
Arguing that no, the American dream is not flourishing, is David Leonhardt, senior writer at The New York Times and the author of Ours Was the Shining Future: The Story of the American Dream. David has won the Pulitzer Prize for commentary. Joining David is Bhaskar Sunkara, the president of The Nation magazine and the founding editor of Jacobin. He is the author of The Socialist Manifesto: The Case for Radical Politics in an Era of Extreme Inequality.
Before the debate, 71 percent of our audience said that yes, the American Dream is alive and well, and 29 percent voted no. At the end of the night, we polled them again—and you’ll see for yourself which side won.
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Use common sense here: disagree, debate, but don't be a .