Despite an improving economy and jobs picture, the public is more pessimistic than it was after the 2008 financial crisis that it is possible to work hard and become rich, according to a new poll by The New York Times.
The poll, which explored Americans’ opinions on a wide range of economic and financial issues, found only 64% of respondents said they still believed in the American dream, the lowest result in roughly two decades. Even near the depth of the financial crisis in early 2009, 72% of Americans still believed that hard work could result in riches.
“Things have changed a lot,” Michael Herdmann, a 54-year-old retired public works employee from Fairview Park, Ohio, tells The Times in a follow-up interview. “The decks have been stacked against not only the lower class but also the lower middle class.”
“The modern-day politician has lost track of why the welfare programs were put in place,” Herdmann adds. “They don’t understand that part of the reason we help the poor to buy food was also to help fund the farmers. They have systemically reduced most of what was there to help the poor.”
The significant drop in faith comes as the nation added 321,000 jobs last month and average hourly earnings for ordinary workers rose more than expected. A drop in oil prices also is buoying the economy and is putting more money in the pockets of average Americans as the holiday season approaches. Read the full story.
