Renewing the American Dream!
Decades of failures by both political parties have eroded the American Dream. Reviving it requires bold solutions—not nostalgia—and a renewed commitment to economic mobility.
By Michael Roth and Spencer Lau
We were raised in families that lived the American Dream. From opposite sides of the world, our parents and grandparents arrived in America seeking freedom and opportunity. One survived the Holocaust in Europe; the other fled the upheaval of China’s Cultural Revolution. Within a generation, they built small businesses, achieved financial stability, and joined the middle class.
Stories like ours were once the foundation of the broader American story—and inspired our own careers dedicated to expanding economic opportunity. But today, they feel more like folklore than reality, rare exceptions when economic mobility has become increasingly out of reach.
The American Dream—the promise that anyone can build a better life through hard work and determination—has long served as a deeply personal and unifying ideal in America. Often symbolized by a home with a white picket fence, it has shaped how we think about our lives, government, economy, and the values we cherish.
That dream is on life support, weakened by decades of political decisions that have steadily chipped away at the foundations of upward mobility.
Politicians from both parties often invoke the American Dream in political rhetoric. In his congressional address in March, President Trump declared the American Dream as “surging bigger and better than ever before.” But the claim rings hollow.
Numerous studies have shown that the American Dream is eroding. Research from Harvard’s Opportunity Insights group shows that only half of those born in the 1980s earn more than their parents, compared to 90 percent of those born in 1940. A Brookings Institution study similarly found that nearly half of young adults at the bottom of the economic ladder remain there decades later.
Public sentiment reflects this decline. A Pew Research Center survey found that only half of Americans believe the American Dream is still attainable. A recent Wall Street Journal/NORC poll paints a more sobering picture: just 10 percent said they believed they would ever own a home or feel financially secure. Meanwhile, in New Jersey, our home state, median home prices have jumped more than 50 percent in the past five years.
For too many, once-basic aspirations—owning a home, starting a secure family, and retiring with dignity—now feel out of reach. This is the product of political decisions made over decades by both parties.
Bipartisan trade agreements like NAFTA hollowed out American manufacturingand gutted middle-class jobs. Republican tax cuts, including the 2017 law and the more recent House budget bill, have disproportionately benefited the wealthy. And while Democrats have championed major investments, they have too often prioritized bureaucracy and process over outcomes. Meanwhile, both parties presided over decades of disinvestment in public education, affordable housing, and labor protections—the very infrastructure that once enabled economic advancement.
Trump has capitalized on the disillusionment this produced, offering a politics of nostalgia rather than a vision for the future. His “Make America Great Again” mantra echoes isolationist and nativist movements of the past, while his policies deepen the inequalities he claims to fight.
Tariffs have already driven up consumer prices, hitting low- and middle-income households hardest. Immigration crackdowns shrink the labor force and stifle economic growth. Cuts to federal programs for education, family support, civil rights, and environmental safety are chipping away at the social safety net that once supported upward mobility.
The American Dream was not born out of nostalgia—it was built through collective effort. After World War II, public investment, strong labor protections, and landmark civil rights laws opened doors to education, housing, and middle class jobs. The GI Bill, Medicare, Medicaid, Head Start, and the Civil Rights Act weren’t giveaways—they were nation-building tools that created the broadest prosperity in American history.
We need to channel that same spirit today to ensure that every American has the opportunity to afford the life they want to live.
To rebuild the American Dream, we must start by effectively implementing the policies we already have, particularly the historic investments in infrastructure, clean energy, and advanced manufacturing passed in recent years. These programs have the potential to create millions of good-paying jobs, promote small business development, revitalize local economies, and modernize critical systems across the country. But that promise will only be realized through outcomes-focused execution, transparent governance, and a renewed focus on ensuring that these investments reach the communities that need them most.
At the same time, we must go further. Reviving upward mobility requires bold new policies that meet the everyday needs of working families. Universal access to childcare and pre-K would reduce the cost of starting a family and allow more parents to participate fully in the workforce. Expanding affordable housing, lowering healthcare costs, and investing in public education and job training are essential to restoring economic dignity. A true cost-of-living agenda—balanced with prospects of economic opportunity—must be at the heart of a new American Dream.
The current administration’s agenda is not rescuing the American Dream—it is accelerating its decline. We don’t need to return to a bygone past. We need to move forward—together—with purpose and ambition.
It’s time to stop romanticizing the American Dream—and start rebuilding it.
Michael Roth is a Congressional candidate in New Jersey’s 7th district, a former interim leader at the U.S. Small Business Administration, and a former co-CEO at Next Street.
Spencer Lau is a senior director at Next Street, an advisor to the Michael Roth for Congress campaign, and a former consultant at PricewaterhouseCoopers Strategy&
