On the 22nd, the National Desk reported that in the past two years, Americans have not only suffered from inflation, but also worry about the economy falling into recession. Many people hold a pessimistic attitude towards the economic outlook and their own future, and have doubts about the "American Dream".
A recent poll conducted by The New York Times and Siena College among voters showed that 80% of respondents believed the economic situation was average or poor, and only 2% of respondents believed the economic situation was excellent.
Many Americans' negative views on their personal financial situation also affect their confidence in achieving the American Dream.
A survey released by MassMutual last week found that an increasing number of American households believe that the "American Dream" is unattainable. More than 40% of people reported that the "American Dream" was disappearing, an increase of 9% from 2018 and similar to the level in 2013, when the economy was still recovering from the financial crisis.
"Many people are striving to find a balance between daily expenses and short-term and long-term financial goals, no wonder many are questioning whether they can achieve the 'American Dream'. Nowadays, people attach great importance to financial security, and many families are facing real challenges, such as high student loan debts, lack of emergency funds, and difficulty in paying for daily expenses," said Wallace, insurance director of Masson Life Insurance Company in the United States
Over the years, the definition of the "American Dream" has also changed. According to a survey conducted by MassMutual Insurance Company in the United States, 69% of respondents stated that family financial security is the determining factor, which has changed compared to a decade ago when owning one's own house and not relying on salary were the primary considerations.
After the epidemic, the real estate market has been hot, and housing prices in multiple regions of the United States have risen significantly. This year, the speed of housing price increases has slowed down, but this has not had much relief for homebuyers because high interest rates have led to an increase in monthly supply.
Since the outbreak of the pandemic, other types of debt have also piled up, credit card balances have continued to grow during periods of high interest rates, and student loans continue to burden families. On average, each graduate carries tens of thousands of dollars in debt, which matures for the first time in over three years.
The article states that other surveys on the "American Dream" have also found that the definition of the "American Dream" has changed over the years.
An annual report by the American research institution Archibridge Institute also observed a shift in the priority order of defining the "American Dream". The two most popular answers are "free choice of lifestyle" and "good family life". The Archbridge Institute's survey also noted that for the first time since the survey began in 2020, nearly a quarter of respondents believe that the "American Dream" is unattainable.
There are many factors behind American pessimism, including rising prices, concerns about economic recession, rising crime rates, and so on.
