Is the American Dream Dead? Why Millennials Are Struggling—and What Can Be Done

A Deep Dive into Why Today’s Young Adults Face Steeper Odds—and How to Change Course

For most of the 20th century, the American Dream was a near-certainty. But for millennials and Gen Z, it’s become a coin toss. David Leonhardt’s 'Ours Was the Shining Future' offers a sobering look at why today’s young adults face steeper odds—and what it will take to change course.

Intergenerational mobility—the chance to out-earn your parents—has plummeted. In 1940, almost everyone did better than the previous generation; today, only half of young adults can say the same. Why? Wage growth has stalled, education is more expensive than ever, and stable jobs with benefits are harder to find. The decline of unions means less bargaining power, while the cost of housing and healthcare soars. 1 3

The psychological toll is real. Many young adults report anxiety about their futures and skepticism about the political system’s ability to help. Polarization has deepened as people search for someone to blame. Yet, history shows that stagnation is not destiny. Policies that invest in education, rebuild unions, and make housing affordable can restore the Dream.

The Dream is not dead—it’s in need of repair. With bold action and renewed solidarity, a new era of upward mobility is within reach.