Belief in the so-called “American dream” that hard work is rewarded was found to be a minority position among every demographic group polled.
Two surveys released Monday provide troubling insight into Americans’ cost of living and overall faith in the country’s economic system.
The first, based on Census data and information from the car shopping app CoPilot, reveals that the cost of a new car has become unaffordable for most Americans.
The conclusion was arrived at by examining the average cost of a new automobile, which has risen substantially since the COVID-19 pandemic. Supply chain issues and a shortage of chips shut down manufacturing in 2020. Pent-up demand surged the next year, driving prices sky high.
The price of a new car has reportedly increased by 30% since 2020 as automakers’ focus on more expensive vehicles with luxury amenities has also played a role in the rising cost. Americans in the used car market are also experiencing sticker shock as the average cost of second hand vehicles has risen 38%.
“Prices saw a substantial run-up in the spring, driven by confident consumers at the upper end of the market, and they never fully recovered,” said Pat Ryan, the CEO of CoPilot. “Across most brands and segments, car prices have barely moved from the levels at which they started the year. When you also factor in multiple interest rate hikes, there were not many deals to be had for car shoppers.”
Meanwhile a new poll finds that an overwhelming majority of Americans believe the so-called “American dream” is only a myth.
The survey asked respondents whether the statement “if you work hard you’ll get ahead,” held true in the country in 2024. A full 69% of Americans said it did not.
Included in that number were 18% who said the “American dream” was always a myth.
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