Editor’s note: This article was updated on 3/3/2025 to remove the incorrect reference to Donald Trump winning the 2020 election. It has been corrected to his 2016 victory.
“Make America Great Again” is Donald Trump’s presidential slogan that resonates deeply with many Americans, evident with his winning both the 2016 and 2024 elections. The American Dream refers to the ideology that every American has an equal opportunity to achieve success through hard work. This term was first popularized following the Great Depression in 1931, when many U.S. citizens were desperate for something to strive for after enduring tough economic crises. The dream consisted of raising a nuclear family, owning a three-bedroom house and having a classic white picket fence.
However, when analyzing the American Dream through a modern lens, there is much to criticize regarding its limited accessibility.
The highest percentages of Americans who still believed in achieving the dream were those in the 50-64 and 65+ age groups, at 61% and 68%, respectively. Baby boomers, born between 1946 and 1964, lived in an era where the U.S. emerged from World War II with great economic strength. This period allowed them to enjoy more wealth and economic security, enabling them to find high-paying jobs that fueled their consumption. Baby boomers were able to fulfill many of the milestones associated with the American Dream, such as buying a house, having children and comfortably retiring.
In contrast, only 39% of Americans aged 18-29 and 43% of those aged 30-49 still believe in the American Dream. Millennials were affected by the Great Recession and growing student loan debt — an issue that remains pertinent for Generation Z. A 2024 report showed that 46.2 million borrowers had federal student debt, arguably making this issue a national crisis.
Although the standard repayment plan is 10 years, a study revealed that the average time to repay the debt was approximately 20 years. The Consumer Financial Protection Bureau notes that federal student loan repayment plans can extend up to 30 years, depending on the plan chosen.
These loan debts limit a large portion of American students from achieving the American Dream. Allocating part of one’s paycheck to student loan payments postpones financial independence, preventing people from owning homes and cars. Research has also shown the mental effects of these debts on students, including low confidence, an increased likelihood of other monetary problems and elevated stress levels. When so many students face this problem while pursuing a higher education, it refutes the notion that any hard-working American can achieve equal success.
It is crucial to state the obvious: when the American Dream does come true, it disproportionately favors white and high-income Americans. In the Pew Research Center survey, white individuals expressed the most confidence in the American Dream, with 55% across all age groups. Moreover, 64% of upper-income earners held this belief as well.
It is important to note that race still plays a large role in America’s wealth distribution. In 2021, the average wealth of white Americans significantly outweighed that of Black and Hispanic Americans. White families earned an average of $1.32 million, while Black and Hispanic families earned $307,000 and $248,000, respectively.
The remnants of historical discrimination still remain today, as certain policies continue to exclude nonwhite ethnicities from owning houses, receiving higher education and more. For example, redlining was a practice in which banks, insurance companies and other institutions denied services to people based on their race or ethnicity, often by drawing literal red lines around minority neighborhoods on maps. Although it was outlawed in 1968, its effects persist in housing inequality, school funding disparities and more.
White families have been able to amass wealth over generations due to privileges granted by the state. Meanwhile, Black Americans have encountered discrimination, exclusionary policies, exploitation and violence from individuals and institutions throughout history. Assets are key to accumulating wealth, and the Census found that around one in five households with a white householder had wealth exceeding $1 million, compared to one in 20 households with a Black householder.
This highlights the undeniable wealth gap that exists by race. If the American Dream were alive and well, this inequality would not exist, as every American would have an equal opportunity.
The centuries-long history of discrimination cannot be ignored, and many minority groups in the country are not granted the same starting point as white Americans. These systemic problems of wealth disparity remain today, hindering many people of color from achieving the American Dream, which emphasizes material wealth and financial prosperity.
It is OK that the American Dream is dead — because it was never real to begin with. The American Dream never considered the entirety of the U.S., only the white and most affluent groups who had the resources needed to achieve it. If working hard means receiving higher education, owning a home and raising a family, then the dream is not equally attainable for all Americans. Minority groups do not have the same opportunities due to the systemic issues that are deeply rooted in American institutions.
Instead of striving for the American Dream, we should foster a society that brings sustainable achievements and prioritizes equality.
Deanza Andriansyah is an Opinion Intern for the winter 2025 quarter. She can be reached at dandrian@uci.edu.
Edited by Zahira Vasquez