A poll recently done for the New York Times and CBS News on the state of the American Dream has some interesting results. It appears that more Americans believe that they have achieved the American Dream today (44%) than they did four years ago (32%). The results may seem strange given the depth of the recession. However, it appears that for a substantial number of Americans the way in which the Dream is understood has undergone a revision. There is now less emphasis on financial security. The New York Times article excerpted below is worth a read, although the examples given in the article are open to alternative interpretations.
What Happens to the American Dream in a Recession? (excerpt)
The Times and CBS News asked this same open-ended question four years ago and again last month: “What does the phrase ‘The American dream’ mean to you?”
Four years ago, 19 percent of those surveyed supplied answers that related to financial security and a steady job, and 20 percent gave answers that related to freedom and opportunity.
Now, fewer people are pegging their dream to material success and more are pegging it to abstract values. Those citing financial security dropped to 11 percent, and those citing freedom and opportunity expanded to 27 percent.
Delacroix’s Lady Liberty leading consumers and investors who say, enough is enough.