America marks its 250th birthday with a fading dream—the first time that younger generations will make less than their parents

Few ideas are as central to the nation’s identity as that of the American Dream.
With the 250th birthday of the United States coming up in July 2026, it’s worth stepping back to examine a concept essential to the nation’s self-image.
The term “American Dream” was actually coined in the 1930s by historian James Truslow Adams. Ever since the establishment of the Colonies, however, America has been viewed as a land where individual and collective hopes and aspirations can be realized.
From the idea of America as a shining “city on a hill” to the Declaration of Independence’s guarantee of “life, liberty, and the pursuit of happiness,” the nation has been premised on high aspirations. The concept of the American Dream has epitomized these hopes, and it continues to be present throughout our cultural landscape.
As a social scientist, I set out to explore what Americans thought about the American Dream in today’s society. I interviewed scores of people, from an elderly man sleeping on the street to a billionaire entrepreneur.
I wanted to know exactly how they defined the American Dream – and whether it has become harder to achieve today than in the past.
Defining the dream
From pickup trucks and lawn tractor ads to the labeling of undocumented immigrant children as Dreamers, references to the American Dream in contemporary life are ubiquitous. Washington, D.C., is now home to a brand-new, US$500 million museum, the Milken Center for Advancing the American Dream, devoted to celebrating the idea and its history.
It turns out that for most people I interviewed, the American Dream consists of three basic ideas.
The first is what might be called an economic bargain: If you work hard and play by the rules, you should expect to have a financially secure life. This includes owning a home, being able to afford raising kids and retiring in comfort.
https://fortune.com/2026/02/08/what-is-the-american-dream-is-it-still-possible-250th-birthday/