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American dream? More like a pipe dream, according to a research report released Wednesday.
The fresh poll from CNN/ORC International shows 59% of adults think the American dream has become impossible for most to achieve, up from 54% in a poll conducted in 2006. What’s more, 63% of those surveyed believe most children in the U.S. will grow up to be worse off than their parents.
Older Americans were even more pessimistic, with 70% agreeing that kids won’t do as well as their parents, as opposed to 59% who agreed in the 18-34 and 35-49 brackets. A total of 1,003 adults were surveyed by telephone. Women were more downbeat than men.
Just a day earlier, MarketWatch’s Quentin Fottrell reported on new research showing that more than half of Americans (52%) have had to make at least one big sacrifice over the last three years, just to be able to pay the rent or mortgage. That study also found that many don’t associate the American dream with home ownership anymore. Some say that attitude is linked to still-fresh memories and problems from the housing bust.
Still, the CNN poll showed that 54% of those surveyed believe they are better off financially than their parents were at their ages, with 41% saying the opposite.
Commenting to CNN on the findings, Erin Currier, director of the Economic Mobility Project at Pew Charitable Trusts, said the gloomy response reflects the hardships facing families. “They are treading water, but their income is not translating into solid financial security,” said Currier, adding that only half have more wealth than their parents.
The American Dream is out of reach, say hardship-hit families - The Tell - MarketWatch
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