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.
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