A new poll reveals that a growing sense of economic pessimism is taking hold in the United States, with a majority of Americans expressing doubt about their own financial future and the viability of the "American Dream."
Conducted by the Wall Street Journal (WSJ) and the National Opinion Research Center (NORC) at the University of Chicago, the survey of 1,527 adults found that only a quarter of Americans believe their standard of living will improve. This marks the lowest positive response rate since the question was first asked in 1987. Conversely, 42% of respondents were pessimistic about their future living standards.
Concerns About the Next Generation
The survey highlights deep-seated anxieties about the future of the next generation. A staggering 75% of respondents are not confident that their children will have a better life than they do. Specific concerns are widespread:
Housing: 60% of people are not optimistic that their children will be able to afford a home.
Retirement: 58% predict that the next generation will not be able to save enough for retirement.
The findings also show a significant decline in the belief in upward mobility. A full 70% of Americans say that the "American Dream"—the idea that hard work leads to success—is no longer valid or was never true to begin with. This is the highest percentage recorded in the last 15 years.
Conflicting Economic Views
Despite President Donald Trump's claims that the U.S. economy is the strongest in the world, public opinion appears to differ. Only 17% of respondents believe the U.S. economy is the best globally, while 40% think other countries' economies are better.
However, there is a slight improvement in the perception of the current economic situation. The percentage of Americans who rate the economy as "good" or "excellent" has risen to 44%, up from 38% a year ago. Still, a majority (56%) of respondents continue to have a negative view of the current economic climate.
"One of America's true strengths is its relentless optimism," said Neil Mahoney, a Stanford University economics professor. "It seems that strength is now disappearing."
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