According to a recent CNNMoney poll, a majority of Americans believe the American Dream is impossible to achieve. Even more alarming, 63 percent of Americans 18-34 years old think the American Dream is completely out of reach, with most believing they belong to a generation that will not be better off than their parents.
After last week’s jobs report, it’s not surprising Americans are disillusioned. As the chart below depicts, compared with pre-recession levels, the number of Americans under 55 who are currently employed has dropped by over 6 million. With mounting bills and student loan debt, we need policies that grow the economy and create jobs so the next generation of Americans can realize the American Dream.
Age
Employed
Employment to Population Ratio
May 2007
May 2014
Change
May 2007
May 2014
Change
16-24
19,457,000
18,329,000
-1,128,000
52.1%
47.3%
-9.2%
25-54
100,725,000
95,510,000
-5,215,000
80.2%
76.8%
-4.2%
55 and over
25,682,000
32,559,000
+6,877,000
37.5%
38.6%
+2.9%
Source: U.S. Department of Labor, Bureau of Labor Statistics. All data not seasonally adjusted; May 2007 was the last May before the start of the 2007-09 recession.