The share of Americans who say they still believe in the American dream—the idea that hard work results in upward mobility—has dropped to just 31%, according to a new Wall Street Journal-NORC poll. That number has dropped significantly and now reflects a deep, widespread pessimism cutting across nearly every demographic.
Worry About The Future Replaces Optimism
Just 25% of respondents said they felt they had a good chance of improving their standard of living—the lowest share since surveys began in 1987. Even more telling, 78% expressed little or no confidence that the next generation will have it better than they did.
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“It sort of saddens me,” Stanford University Economics Professor Neale Mahoney told The Wall Street Journal. “I think one of our superpowers as a country is our relentless optimism… It is the fuel for entrepreneurship and other exceptional achievements.”
What's especially striking is that this loss of faith isn't limited to one political party or income group. The gloom is widespread: men and women, young and old, college-educated and not, households earning over $100,000 and those earning far less. Even among Republicans, who are generally more optimistic when their party is in power, more than half expressed a negative view of their own and their children’s futures.
A Disconnect Between Stats And Sentiment
President Donald Trump has repeatedly touted the economy as the world’s strongest, pointing to historically low unemployment and inflation that has eased from earlier highs. But only 17% of Americans said they believe the U.S. economy stands above all others. In fact, nearly 40% think other countries are doing better—a 15-point jump since 2021, according to the poll.
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Many Americans report feeling financially secure for now but still uneasy. Some say the previous generation had it easier: buying a home, raising kids on a single income, or starting a business. And fewer than one in four say they feel very confident they could buy a home today.
Tariffs, Layoffs And AI Fuel More Anxiety
Senior fellow at the right-leaning American Enterprise Institute Karlyn Bowman told the Journal that today's public mood likely reflects a buildup of economic stress over the past 15 years—from the Great Recession to COVID-19 to recent inflation and layoffs.
The Journal shared the story of Jerry Esch, 56, who used to earn $200,000 a year at Microsoft but was laid off this summer. Now he and his son-in-law, Austin Odle, are both unemployed and job hunting in Colorado. Despite their different political views, both share the same worry: that the future may not deliver the life they worked for.
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“I was doing everything, I thought, right, and still not feeling like I'm ahead,” Odle, who has an MBA and previously earned $120,000 in a leadership role, told the Journal. His family's debts—around $70,000—were almost paid off before he lost his job.
The New National Mood
Mahoney said the gap between economic data and how people actually feel is now “staggering.” Traditionally, a booming stock market and low unemployment result in positive sentiment. That's no longer the case.
In a country once defined by optimism and self-made success, pessimism may be emerging as a new national identity.
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