The Downside of the American Dream

Why it's a double-edged sword

The American Dream is a double-edged sword… and if you’re not careful it can cut you down. If you aren’t a success it’s your own damn fault - that’s not me saying that… that’s exactly what the American Dream tells us. 

The white picket fence, a new car in the driveway, 2.5 kids, and a golden retriever… it’s the American Dream! The American Dream says that if you work hard you will achieve success. If you get good grades in school, if you apply yourself and get a good college education, you will get a good-paying job so that you can have a comfortable life. The American Dream guarantees you can get ahead – and working hard is what makes it possible for a child to end up better off than his or her parents. 

For a long time, a steadfast belief in the American Dream attracted immigrants from overseas. And for a long time, the basic premise of the American Dream seemed to hold true. For generations, younger Americans worked hard and ended up better off than their parents. For generations simply working hard seemed to be all it took to support one’s family and provide financial stability. 

But even as you’re reading this, even if you believe wholeheartedly in the American Dream, you’re probably wondering… what went wrong? Why doesn’t hard work always bring success anymore? Does a good education really guarantee a good-paying job? How many Americans end up better off than their parents today? The American Dream is built on a moral foundation that says everyone gets what they deserve. 

That is the philosophical basis of capitalism. Embedded within this idea is the assumption that we all operate on an equal playing field where everyone abides by the same rules. This inherent fairness is supposedly what justifies unequal outcomes. But ask yourself this: Is the American system an equal playing field? Do the rich abide by the same rules as everyone else? Or do they play by a different set of rules altogether? 

There are plenty of hard-working people in this country who are a long way away from success or any financial security. There are plenty of highly-educated people in this country who can’t find a decent-paying job no matter how hard they look. Some of the hardest-working people in this country are also the poorest, struggling to make ends meet with two or three low-paying jobs. It doesn’t really matter how hard some people work, they still can’t get ahead. A 2023 report by the Federal Reserve said that 40 percent of American adults wouldn’t be able to come up with $400 for an emergency expense without selling something or borrowing the cash from someone else. That’s more than 100 million people!

The rarely-discussed flip side to the American Dream echoes the very same capitalist bedrock principle described above. The flip side of the American Dream says that if you aren’t a success... it’s your own damn fault. If you’re poor, just as Adam Smith implied, it’s probably because you’re lazy. If you can’t get ahead in the Land of the Free, that means you must not want it enough. You are weak. It’s your fault. If you don’t end up better off than your parents, that’s on you.

Do you believe that? If you’re a person who believes in the American Dream - that negative part is implied - but it’s still there. And that position is pretty hard to justify in today’s economy - which means, logically, that the American Dream is hard to justify in today’s economy. The failure of the American dream is a nightmare we all must cope with. But it doesn’t have to be this way. I believe it’s possible to make the American Dream functional once more. The working class just needs to take its power back.

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Let’s make them pay.