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|
|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.