Editor’s Note: President Trump has emphatically stated his vision to revitalize the American Dream, promising it will be “bigger, better, bolder, richer, safer, and stronger than ever before.”
Many Americans today might argue that the American Dream is a relic of the past, yet Chief Investment Strategist Alexander Green firmly believes it’s alive and thriving, as you’ll discover below.
– James Ogletree, Managing Editor
In a lively debate, I once found myself at odds with Dr. Gregory Clark, an esteemed author and economics professor who boldly claims that the American Dream is nothing but a “complete myth.”
Ironically, it was his assertions that seemed more like fanciful tales of Hercules.
The American Dream is not just a concept—it’s woven into the very fabric of our national identity, something that all Americans should acknowledge and value.
Our nation stands on three foundational pillars: the Declaration of Independence (which establishes our freedom and inherent rights), the U.S. Constitution (which safeguards these rights), and the American Dream (which empowers us to pursue happiness).
Take away any one of these and the United States would fundamentally change.
Dr. Clark might be surprised to learn that Americans today enjoy a lifestyle that not only stands out but is the envy of most of the global population.
In several key metrics of economic prosperity, we truly excel.
To begin with, the U.S. boasts the highest standard of living worldwide, quadrupling the global average. In 2023, the U.S. Census Bureau reported a record median household income of $80,610.
According to the World Bank, an annual income of roughly $60,000 places someone in the top 1% of global earners.
(It’s interesting how, as a nation of global one-percenters, we often grumble about the wealthiest 1% domestically without recognizing how the American middle class is the envy of most of the world.)
Let’s momentarily set aside comparisons with less affluent countries.
Even among Western countries, Americans have more purchasing power.
The OECD Better Life Index highlights that the average household net-adjusted disposable income per capita in the U.S. is 68% higher than the OECD average.
While having more spending money is certainly a perk, true security is found not in income—which can fluctuate—but in assets.
The median wealth per adult in the U.S. is $107,739, over 12 times the global median wealth per adult of $8,654.
These statistics indicate that the American Dream is not merely surviving but that millions are actively realizing it.
What contributes to the U.S. having such high living standards, household incomes, and net wealth?
We’re among the top-ranking nations in personal and economic freedoms.
We possess rich natural resources, abundant minerals, fertile land, and extensive coastlines.
We embrace diversity, welcoming individuals from all backgrounds and providing equal opportunities.
Our society is a meritocracy, where progress is driven by skills, effort, and hard work—not by who you know or sheer luck.
We foster a culture that values risk-taking and innovation. Failures are merely stepping stones, not barriers to future endeavors.
Moreover, we have the world’s largest economy, a growth rate that outpaces many countries, low unemployment, and rising wages.
Given all this, it’s challenging to argue that the American Dream is a myth.
Despite Dr. Clark’s claims of stagnated social mobility,
He posits that one’s family background largely determines their economic fate—born poor, remain poor; born middle-class, remain middle; born affluent, stay affluent.
He asserts that the idea that Americans can advance as far as their talents and determination will take them is an illusion.
But do the facts support this claim? They do not.
The evidence overwhelmingly contradicts him.
