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- Herausgeber: John Wiley & Sons
- Kategorie: Ratgeber
- Sprache: Englisch
An optimistic, inspiring look at America's capitalist system―and how to use it to achieve your most important goals
In The American Dream: Why It's Still Alive...And How to Achieve It, author Alexander Green extols America's exceptionalism, underscoring its unmatched economic dominance, technological innovation, and cultural influence, and highlights the importance of American ideals and the nation's capacity to provide upward mobility and prosperity to its citizens.
He stresses that economic success in the U.S. is attainable through education, hard work, saving, and investing and provides an action plan for achieving financial independence, with information on maximizing income, reducing expenses, saving, and investing wisely.
In this book, readers will find detailed insights on:
- Motivating economic trends, such as the fact that the percentage of U.S. households earning more than $100K has increased significantly since 1980
- Why the U.S. remains a land of opportunity due to a robust economy, leading global companies, and significant contributions to science and technology
- The life-enhancing value of embracing “Radical Responsibility”
- Why we are living in a new “Golden Age” for investors
- How to shorten the road to financial independence by embracing "The World's Simplest Investment Portfolio"
The American Dream: Why It's Still Alive...And How to Achieve It earns a well-deserved spot on the bookshelves of all ambitious individuals seeking long-term financial prosperity―and to experience the ultimate feeling of earned success.
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Seitenzahl: 424
Veröffentlichungsjahr: 2025
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Table of Contents
Cover
Table of Contents
Title Page
Copyright
Dedication
Introduction
PART 1: Proof That the American Dream Is Alive and Well
CHAPTER 1: The American Dream Defined
CHAPTER 2: What's So Great About America
CHAPTER 3: Things Aren't What They Used to Be … and That's a Good Thing
CHAPTER 4: Time Prices and the American Dream
THE BIG ONE: HOUSING
CHAPTER 5: The Future Is Better Than You Imagine
CHAPTER 6: The Founders' Ideal of Happiness
CHAPTER 7: Why Economic Inequality Is a Bogus Issue
CHAPTER 8: The Enemies of the American Dream
ENEMY OF THE DREAM NO. 1: U.S. PUBLIC EDUCATION
ENEMY OF THE DREAM NO. 2: MAINSTREAM MEDIA
ENEMY OF THE DREAM NO. 3: SOCIAL MEDIA
ENEMY OF THE DREAM NO. 4: PUBLIC INTELLECTUALS
ENEMY OF THE DREAM NO. 5: POLITICIANS
PART 2: How to Achieve the American Dream
CHAPTER 9: Why the United States Has a Record Number of Millionaires
CHAPTER 10: How Wealth Is Created
CHAPTER 11: The Key to the American Dream: Personal Responsibility
CHAPTER 12: How to Make Success a Habit
CHAPTER 13: Part of the American Dream: Home Sweet Home
CHAPTER 14: Savings: The Seed Corn of the American Dream
CHAPTER 15: Investing: How to Sow What You'll Reap
THE BEST INVESTMENT … EVER
THE MUTUAL FUND ADVANTAGE
THE WISER BET
SIX CRUCIAL FACTORS
CHAPTER 16: The World's Simplest Investment System
HOW TO CALCULATE YOUR NUMBER
CHAPTER 17: Staying the Course to Achieve the Dream
PART 3: How to Enjoy and Preserve the American Dream
CHAPTER 18: The Power of Optimism to Attain the American Dream
CHAPTER 19: To Live Fully … Aim to “Die with Zero”
CHAPTER 20: There Is No True Wealth Without Health
CHAPTER 21: Paying the American Dream Forward
CHAPTER 22: Developing an Attitude of Gratitude
ACKNOWLEDGMENTS
INDEX
End User License Agreement
List of Illustrations
Chapter 4
FIGURE 4.1 Chart of the century
Guide
Cover
Table of Contents
Title Page
Copyright
Dedication
Introduction
Begin Reading
ACKNOWLEDGMENTS
INDEX
End User License Agreement
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ALEXANDER GREEN
NEW YORK TIMES BESTSELLING AUTHOR
THE AMERICAN DREAM
WHY IT’S STILL ALIVE . . . AND HOW TO ACHIEVE IT
Copyright © 2026 by Oxford Financial Publishing, LLC. All rights reserved.
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Library of Congress Cataloging‐in‐Publication Data is Available:
ISBN 9781394361663 (Cloth)ISBN 9781394361670 (ePub)ISBN 9781394361687 (ePDF)
Cover Design: Hannah Green Author Photo: Courtesy of the Author
This book is dedicated to Rob Fix, not justa good man but my best man.
Introduction
To be successful at anything, the truth is you don't have to be special. You just have to be what most people aren't: consistent, determined, and willing to work for it. No shortcuts.
—Quarterback Tom Brady
While I've written five previous books, I don't recall the exact moment when the inspiration to undertake each project hit me. But I certainly remember the genesis of this one.
I was sitting on my brother‐in‐law's front porch, reading the paper, when a short news item caught my attention. A July 2024 Wall Street Journal/NORC poll found that belief in the attainability of the American Dream had fallen to a record low. Only 36% of Americans believed it was still possible – that hard work leads to success and upward mobility. Nearly half said the Dream was once possible but no longer is. Seventeen percent claimed it was never real.
That astonished me – and still does. Could it be that millions of immigrants risked their lives – and often their children's lives – to come here in search of opportunities that most Americans don't even believe exist?
Apparently so. A few months earlier, an ABC News/Ipsos poll showed just 27% of Americans still believed in the Dream. Another poll from Axios in late 2023 echoed the Journal's findings: 36%. That's a steep decline from 2012, when – even in the aftermath of the Great Recession – 52% still believed in the Dream.
I found this so disturbing that I wrote this book‐length counterargument.
The American Dream – the pursuit of a better, richer, and fuller life, regardless of where we start – is our national ethos. It shapes our identity.
What makes us uniquely American is not just the possibility of upward mobility. It is the fundamental belief that this possibility exists for all of us. Unlike societies built on rigid class structures or inherited privilege, America was founded on the radical notion that merit, effort, and character matter more than bloodline or social status.
The Dream says, “Your future is not predetermined by your past. Your efforts matter. Your choices have consequences. You can be the author of your own story.”
The American Dream encourages innovation, risk‐taking, and resilience. It provides direction when the path is unclear and hope when obstacles seem insurmountable. Belief in it turns setbacks into steppingstones and failures into learning experiences.
It places the power of change squarely in the hands of the individual, and it provides the conviction that ordinary people can turn their vision into a reality. It is not a guarantee of outcomes but of opportunity. It doesn't promise that everyone will become wealthy or famous. It promises that everyone will have the chance to improve their circumstances through their own efforts.
In communities across our nation, the evidence of its enduring power is everywhere. The veterans who use their military training to start a cybersecurity firm. The teachers whose evening classes help them become a principal. The small business owners whose food trucks become a restaurant chain. Their success stories remind us that the Dream adapts and evolves but never disappears.
The American Dream remains vital because it addresses the deepest human needs: the need for purpose, the hunger for progress, and the desire to build something lasting for future generations.
In a world increasingly divided by cynicism and despair, the American Dream stands as a beacon of possibility. It has drawn millions to our shores and has guided millions more who were born here. It is who we are as a people. It fueled America's past, unifies our present, and inspires our future.
It survives because it speaks to something eternal in the human spirit: the belief that tomorrow can be better than today, and that we have the power to make it so. That belief is part of what makes the United States exceptional.
That is what the Dream means to me. But what does it mean to those polled, especially the ones who don't believe it is attainable?
In my research, I found that conceptions of the Dream vary. Yet most fall into one of two broad categories:
The traditional view.
This is the classic idea: that anyone – regardless of background – can rise as far as their talents, ambition, and persistence will take them.
The contemporary view.
This one has a financial tilt: “I can afford to buy a home, raise a family, maintain some work‐life balance, and retire comfortably.”
Both views are reasonable. And both are achievable for anyone willing and able to work, save, and invest.
So why all the pessimism? I've learned it's partly a matter of perception.
Despite living in the most prosperous, free, and opportunity‐rich nation in human history, many Americans – especially younger ones – have a surprisingly dim view of their country. According to a 2025 Gallup poll, a record‐low 58% of US adults say they are “extremely” (41%) or “very” (17%) proud to be an American. (That's down from 90% in 2004.) Among Gen Z (born 1997–2012), that number plummets to just 47%. That's not just a generational gap. It's a crisis of confidence.
America has real challenges. But the souring of national sentiment isn't driven by facts as much as by narratives. When every institution you trust – your school, the media, even your political party – emphasizes America's sins over its successes, it's easy to internalize the message that this country is fundamentally flawed – and the Dream is no longer real.
So who's lost faith? Mainly two groups: lower‐income Americans and young people. (And yes, there's quite a bit of overlap.) Many are barely staying afloat – juggling rent, bills, and basic needs. But in most cases, they simply don't know how or where to begin. That's not a moral failing. It's a knowledge gap. Most of us were never taught to budget, save, or invest – by schools or parents.
Younger folks especially need to hear this: financial stress is usually temporary. As your skills and experience grow, so will your income. Generally speaking, the older someone is the richer they are. The difference between what I earned starting out and what I earned at the peak of my career? Night and day. And my story is far from unique.
Time is the great advantage of youth. They may not have much money, but they have a lot of years ahead of them. That's critical when they start investing. Compounding is a powerful force. But it needs time to work its magic.
Older Americans, it turns out, are far more likely to believe in the American Dream – perhaps because they've seen it play out, even if imperfectly. More educated individuals tend to believe in it, too, likely because education is linked to higher income – and higher income creates more possibilities.
Black Americans are less likely than whites to believe in the Dream, which no doubt reflects our nation's long history of discrimination. Still, conditions have improved dramatically since the 1960s. And the principles I'll discuss in this book apply equally across race, gender, and class.
Democrats are more pessimistic than Republicans, perhaps because progressives focus more on perceived structural unfairness.
Interestingly, women are slightly more optimistic about the Dream than men – perhaps because men tend to equate it with career and income, while women often associate it with family, security, and fulfillment. Once again, the women appear to be on to something.
My goal with this book is to better align perceptions with reality. I wrote it for three kinds of readers:
Disbelievers.
They don't believe the Dream is real because they don't know what to do, aren't doing it, or don't realize they are already living it. (That last claim is provocative but stick with me.)
Frustrated Dreamers.
They know the Dream exists, but it feels out of reach. In the pages ahead, I'll provide them with the knowledge – and a concrete action plan – that will enable them to move forward.
Dream Achievers.
They've lived some version of the Dream themselves. But they worry about their kids and grandkids. Or they want to help other Americans find the path.
Why do I feel so strongly about the Dream that I felt compelled to write this book? Because this country stands on three pillars:
The Declaration of Independence, which declares that we are a free people whose rights preexist government
The US Constitution, which both empowers and limits government to protect those rights
The American Dream, which is how we exercise our right to pursue happiness
Without these three pillars, the structure falters. (Without them, we are not the same nation. Not the same people.) The Dream isn't some sentimental slogan. It's part of our national identity – and the reason why millions throughout history risked everything to get here.
America is not perfect. It never has been. But it remains the best environment on Earth for ordinary people to build extraordinary lives.
Our markets are open. Our culture rewards effort, talent, and innovation. Our financial system allows for investing, borrowing, and wealth creation. Our freedoms protect dissent, belief, expression, and movement.
Where else do people from every continent still line up – literally and figuratively – for a chance to participate? The United States doesn't promise equal outcomes. It promises an opportunity to rise. That is the foundation of the American Dream.
You might be wondering, “Who are you to insist that the Dream is alive – and tell others how to achieve it?” It's a fair question.
Over the last four decades, I've dedicated my career to showing Americans how to reach their most important financial goals. I worked as a registered investment advisor, research analyst, and portfolio manager for the first 16 years. And for the past 24, I've been the Chief Investment Strategist of The Oxford Club, a group of more than 160,000 individuals in the United States and around the world who share a common goal: achieving and maintaining financial independence.
(These Members understand that wealth is not about having a lot of money. It's about choosing how you want to live your life.)
Along the way, I wrote The Gone Fishin' Portfolio, a New York Times bestseller on financial freedom. (The updated 2023 edition includes a new foreword by longtime subscriber Bill O'Reilly.) I've also written three essay collections about living a richer life: The Secret of Shelter Island, Beyond Wealth, and An Embarrassment of Riches.
In many ways, I feel I've lived the Dream. I have two amazing parents who are still healthy and living independently at 95 and 96. I have a loving partner of 34 years (my wife, Karen), and two adult children – Hannah and David – who are living happy, productive lives. I have close friends, good health, and plenty of interests. I enjoy my work – and my colleagues. That's why I haven't retired, even though I could have long ago. I'm wealthy – not just in assets, but in the things that matter.
You might look at this summary and counter that I haven't achieved the Dream so much as just been incredibly fortunate. And I won't disagree. Even if I had always made the best choices – and I certainly didn't – things could have turned out very differently with my marriage, my kids, my career, or my health. Life really isn't fair. Some people have better luck than others. And, as we'll see, that pertains not just to the outcome of our choices but to the circumstances – and even the era – we are born into.
While both good and bad luck have an unquantifiable effect on everyone's life, my saving and investment experience bears an uncanny resemblance to that of tens of millions of other high‐net‐worth individuals. And not because we all came from favorable circumstances.
I was born – with no great genetic gifts – into a solidly middle‐class family. I was not a great student. I did not go to private schools. (As a kid, I didn't even know anyone who attended a private school.) I did not study at an elite university. I did not earn any scholarships, academic honors, or advanced degrees. I had no family connections, no mentor, and no professional network. I have never started a company, run a company, or held a management position ever. I was in my mid‐40s before I earned my first salary. (Until then, I worked only straight commission jobs, also known as the “no deals, no meals” program.) I have never paid anyone for career advice, investment advice, or tax advice. And I have never received a dime of inheritance from anyone.
Yet I became a multimillionaire while still a young man – and continue to compound my wealth. My point is not to brag. (Indeed, there is nothing on this list – aside from the financial freedom I obtained – that is the least bit laudatory.) I just want readers to understand that my net worth did not accrue because I'm an exceptional person or came from exceptional circumstances. It happened because the principles of wealth creation work. I adhered to them. And the good news is they're available to everyone.
Achieving some level of economic security is essential to living your dreams. But here's the hard truth: most Americans are not on track. A recent LendingClub survey found that 62% of Americans live paycheck to paycheck, including 44% of those earning over $100,000. Thirty‐seven percent couldn't cover a $400 emergency. Twenty‐one percent have no savings. And for Americans aged 55–64, the median retirement savings is just $6,400. (Twenty‐seven percent have none.)
This isn't hopeless – but it is urgent. If you got yourself into a tough financial situation, you can get yourself out. But the first step is believing in the Dream itself.
A negative mindset has many consequences, none of them good. It makes us reluctant to strive to improve our circumstances, resulting in financial stagnation and disappointment. It discourages entrepreneurship and job changes, further reducing opportunities for economic advancement. It leads to widespread frustration, particularly if we feel excluded from upward mobility.
This perceived lack of upward mobility, in turn, discourages hard work, innovation, and investment in education or skills development. It creates resentment, especially among those without college degrees or access to high‐paying jobs. It leads to pessimism, stress, and mental health challenges. It creates disillusionment and even lowers birth rates, as many Americans feel that they cannot afford children.
If you don't believe attaining your dreams is realistic, why strive or sacrifice to achieve them? In the end, cynical thoughts become a self‐fulfilling prophecy. What a terrible – and unnecessary – way to go through life, without hope, without optimism, without ambition. Especially since this view is unwarranted.
The Wall Street Journal poll defined the Dream as “If you work hard, you'll get ahead.” Yet hard work alone isn't enough. You could labor hard for 30 years or more, but if you never save or invest, it's unlikely you'll live the Dream. What it takes is financial discipline, smart risk‐taking, and a plan. We'll discuss all these things here. And, as you'll see, you can start small.
Other factors have reduced belief in the Dream in recent years. Inflation hit hard. Wages stagnated while stocks and housing soared – benefiting asset owners but hurting renters and non‐investors. A third of Americans don't own a home. And over 40% don't own stocks. To them, a booming real estate market or S&P 500 means nothing.
Real median earnings for full‐time workers declined 1.6% in 2023, while those with only a high school diploma saw an even steeper drop of 3.3%.
In short, Americans dealt with stagnant incomes, higher interest rates, and sticker shock on essentials like food, gas, and utilities. No wonder so many were sour on the economy – and the Dream – especially those on the low end of the economic ladder who can least afford price increases.
But let's zoom out. Since 1960, inflation‐adjusted incomes have more than doubled. And today's income buys a dizzying array of high‐quality goods and services.
However, income alone isn't wealth. If you earn six figures and spend six figures, you're just standing still. Wealth consists of assets that can generate passive income. Assets are what give you freedom – to weather setbacks, deal with emergencies, and retire on your own terms.
Americans everywhere can take responsibility for their financial future by following a battle‐tested plan that allows them to save, invest, and compound their money until it provides complete financial security. How much that takes will depend on a household's chosen lifestyle. But, in the pages ahead, I'll reveal what I call “the world's simplest investment system,” one that you can use straight away.
No one can live the Dream with constant financial stress. You may want to teach elementary school, do social work, serve in the Navy, or become a jazz singer. But every lifestyle requires a cash flow, so money will always be part of the equation.
You've heard that the best things in life are free. That money can't buy happiness. That it won't win you true love or genuine friendship. These things are true. But they're not the whole story. You can't reach your potential or live life to the fullest if you spend your days worrying about money.
Money is independence. It liberates you from want, from work that is drudgery, from relationships that confine you. No one is truly free who is a slave to their job, creditors, circumstances, or overhead.
Money determines the kind of house you live in and the neighborhood your kids grow up in. If you're sick, it can mean the difference between a good doctor and an amazing doctor. If you need an attorney, it's the difference between using an ambulance chaser and getting the best legal representation money can buy.
Wealth is the great equalizer. It doesn't matter if you're a man or a woman, Black or white, young or old, gay or straight, handsome or homely, educated or not. If you have money, you have power – in the best sense.
Wealth is freedom, security, and peace of mind. It allows you to do and be what you want, to support worthy causes and help those closest to you. It enables you to follow your dreams, to spend your life the way you choose.
Money gives you dignity. It gives you freedom. It gives you choices. Money matters. You have a right – and, I'd argue, a responsibility – to achieve some level of financial independence.
This book will help you do that.
In
Part 1
, I'll prove the Dream is alive.
In
Part 2
, I'll show you exactly how to achieve it.
In
Part 3
, I'll address the obstacles you're likely to face – and discuss some important things that money can't buy.
Achieving the American Dream is simple. But that doesn't mean it's easy. (If it were, everyone would be living it.) Yet the path is straightforward. And if you enjoy a good challenge, I hope you'll embrace it.
There are two main points I want to emphasize in this book. The first is that you cannot achieve your dreams if you don't sincerely believe it's possible. Unfortunately, a lot of Americans have adopted a catastrophizing mentality that sees all our problems as endemic: Our country's ideals are a sham. Society is a cesspool of injustice. Climate change is unstoppable. Racism is forever. And the American Dream is a fiction. Newcomers from around the world just haven't gotten the message.
It takes a long time – perhaps a lifetime – to develop this maladaptive mindset and no writer can overcome it with a few anecdotes. It takes a sustained argument, which you'll find throughout the book. Believing that depressing cultural narrative destroys your sense of agency. It makes it harder to live ambitiously. It also happens to be dead wrong. So I'll take aim at those who promote it to achieve their own ends.
My other main point is in our modern society – heck, in any society – it is not possible to live your dreams and at the same time be “bad at money.” You probably didn't receive the financial education you deserved. But you can't let that hold you back. You need to learn money like a language – and I'll share the most important principles in the chapters ahead.
My goal with this book is to provide a universal blueprint that anyone can use – and build on – to achieve financial freedom and live the life of their dreams. Is it the only way? Certainly not. But it is a widely proven way – and available to everyone, regardless of their starting point.
A final note … when friends and business colleagues discovered I was writing this book, many of them offered advice. Most of it – indeed all of it – was quite good. However, many made suggestions about how the country needs to change – or how institutions need to be reformed – to make it easier for Americans to succeed. I didn't disagree with these suggestions. But this book isn't about public policy. It's isn't about what Congress should do. It's about what you should do.
You can't reform the public education system. Or rewrite your state's occupational licensing laws. But you can write your own story. The question here is not “How should the nation change?” but “What can I change, starting today, to achieve my most important goals?”
My objective is straightforward: to help you live the American Dream … however you define it.
PART 1Proof That the American Dream Is Alive and Well
CHAPTER 1The American Dream Defined
Create the highest, grandest vision possible for your life, because you become what you believe.
—Entrepreneur Oprah Winfrey
What proof do we have that the American Dream still exists – and what's the most reliable way to achieve it?
After spending four decades researching, writing, and speaking on this subject, I know that the Dream is real. Millions of Americans are living proof of it. Whether you're just starting out, trying to get back on track, or looking to help others, I want to help guide you forward.
When I talk to skeptics, I hear similar arguments. Many are battling tough circumstances. But they've also absorbed the media's relentlessly negative narrative, echoed by Hollywood and parts of academia.
It goes like this: America is irredeemably racist, sexist, and unjust. The economy is rigged. The middle class is shrinking. Wages haven't kept up with inflation. Violent crime is surging. Pollution is worsening. Climate change is making the planet uninhabitable. And our free‐market system – the supposed root of it all – allows a fortunate few to get rich while everyone else gets poorer.
That description is not just wide of the mark. It's a Matrix‐like distortion of reality.
It has less to do with reality and more to do with ideology, selective reporting, and an education system that prioritizes grievance over gratitude.
Let's start with the environment. Young people routinely say climate change will render the planet uninhabitable within their lifetimes. But as Bjorn Lomborg, president of the Copenhagen Consensus Center, has consistently shown, this alarmist narrative isn't backed by data. Yes, the climate is changing – but the human race is not facing extinction. In fact, climate‐related deaths have plummeted over the last century, even as global temperatures have modestly increased.
Why? Because of economic growth, technological innovation, and improved infrastructure. Wealthier societies are better equipped to deal with extreme weather. If we truly care about the environment, the best strategy isn't panic – it's progress.
Michael Shellenberger, a former environmental activist and Time magazine “Hero of the Environment,” makes a similar case. In Apocalypse Never, he points out that the modern environmental movement has abandoned science in favor of fear. Nuclear power, for example, is the safest and most reliable form of low‐carbon energy, yet many activists oppose it.
The pessimism doesn't stop with climate. Many young Americans believe that systemic racism is more entrenched than ever. Yet Heather Mac Donald, a fellow at the Manhattan Institute, cites mountains of data that show the American legal system, police forces, and public institutions are not engaged in widespread discrimination.
Yes, disparities exist. But disparities are not the same as discrimination. As Thomas Sowell has argued for decades, unequal outcomes are not necessarily evidence of unequal treatment. Cultures, choices, and incentives matter.
Sowell, in particular, cuts through much of today's intellectual fog. A Stanford economist and author of more than 30 books, he has consistently warned about the dangers of historical ignorance and ideological bias.
His work reminds us that wealth is not the default condition of mankind – poverty is. America didn't “fail” because not everyone is rich. It succeeded by lifting more people out of poverty than any other nation in history. The average American today lives better than royalty did a century ago.
If we want a generation that believes in the future, we need to start telling the truth about the present. Because despair is paralyzing.
For example, ask the average American about violent crime today, and they'll likely tell you that it is spiraling out of control. But that perception simply doesn't match reality.
According to the FBI's Uniform Crime Reporting data, violent crime in the US has fallen sharply over the last three decades. The national violent crime rate peaked in 1991 at 758 incidents per 100,000 people. By 2023, that rate had dropped to just 380 per 100,000 – a 50% decline. Murder, robbery, rape, and aggravated assault are all significantly lower than they were in the early 1990s.
Even recent headlines about surging crime rates during the pandemic have been misleading. Yes, homicides rose in 2020 and 2021, driven by COVID‐era disruptions, economic stress, and reduced policing. But the 2023 data shows a major reversal. Homicides fell by 12% nationwide – the largest single‐year drop in American history. Robbery and burglary also declined.
So why do so many people think things are getting worse? Two reasons: media and memory.
The news cycle thrives on fear. A single high‐profile crime – especially one caught on video – can dominate headlines for days and give the impression that violence is rampant. Social media amplifies this effect, creating a constant stream of shocking clips with no context about long‐term trends.
Meanwhile, personal memory is short. Most Americans don't remember – or weren't alive during – the true crime waves of the 1970s, 1980s, and early 1990s, when cities like New York, Los Angeles, and Chicago saw double or triple the number of homicides they see today. Those were the years when people really were afraid to walk alone at night.
Today, Americans are safer than they've been in generations. But you wouldn't know it from the coverage – or the political rhetoric. Violent crime is in a long‐term cycle of decline. That's not an opinion. It's a fact.
Turning to the economy, real wages stagnated during the early 2020s due to high inflation. But the tight labor market and rising asset values have since driven household net worth and income to record levels. According to the US Census Bureau, median household income reached a record $80,810 in 2023, up from $77,540 the year before.
Many believe the middle class is shrinking because Americans are getting poorer. In fact, the opposite is true: more are moving into higher income brackets. As of 2023, about 39% of US households earned $100,000 or more – the highest ever recorded. According to Pew Research, the share of Americans in upper‐income households nearly doubled from 11% in 1971 to 19% in 2021.
Globalization and automation have made certain low‐skill jobs obsolete. But the solution isn't to protect unskilled labor – it's to encourage skill building. In a knowledge‐based economy, education and specialization are the surest paths to upward mobility.
Yes, the highly educated are building wealth faster. But the gains aren't limited to the top. Real incomes have more than tripled since the 1960s. And each income quintile has risen, just at different rates.
Still, even among educated Americans, there's a surprising pessimism about mobility. I saw it firsthand in a debate I had a few years ago with Dr. Gregory Clark, a Cambridge‐ and Harvard‐educated economist, at FreedomFest in Las Vegas.
The debate proposition? “The American Dream Is Over for Most Americans.”
It was an Oxford‐style debate. We polled the audience before we began to see where they stood. Then we polled them again at the end – following a robust Q&A session – to see if they were moved one way or the other by our arguments.
Before the discussion, the audience – like the broader public – was split. Yet Dr. Clark presented an austere view. He argued that birth circumstances and luck determine destiny, that mobility in the United States is no better than in “socialized” nations like Sweden or even autocracies like China. He claimed, “The American Dream is a complete myth.”
His core metric? Intergenerational income correlation – how closely children's earnings match their parents'. If the number is 1, there's no mobility. If it's 0, children's outcomes are completely untethered from their parents'. His claim: the United States sits near the middle of the pack, no better than European welfare states or even preindustrial societies. He insisted that “the idea of the American Dream just doesn't hold. It's an illusion.”
Yet his comparison was deeply flawed. China, despite economic reforms, remains authoritarian. Advancement often depends on loyalty to the communist regime. In preindustrial England, wealth was typically inherited or seized. To suggest America – where talent, grit, and risk‐taking drive opportunity – is no different strains credibility.
Let's look at global context. According to the World Bank, a $60,000 annual income places you in the top 1% of earners worldwide. In 2023, nearly two‐thirds of US households earned more than that. Americans often complain about domestic inequality, while ignoring how affluent the average American is by global standards.
According to the OECD, the average net‐adjusted disposable income per capita in the United States is 68% higher than the OECD average. That means American households have significantly more spending power than those in other wealthy nations.
According to the 2025 “UBS Global Wealth Report,” global wealth rose by 4.6% in 2024. Yet it wasn't evenly distributed across regions. In the continuation of a long‐term trend, Americans aren't just getting richer – they're doing it faster, smarter, and in greater numbers than anywhere else on the planet.
More than 379,000 Americans became millionaires in 2024. That's over 1,000 a day. The United States now has 23.8 million millionaires, nearly 40% of the global total. (Mainland China is a distant second with 6.3 million millionaires. And that's a nation of over 1.4 billion people.)
It's not just American hedge fund managers and tech founders getting rich. UBS hailed the rise of “everyday millionaires,” individuals with $1 to $5 million in investable assets. That's a powerful testament to long‐term opportunity.
However, at the end of our debate, Dr. Clark concluded: “There is no American Dream. And there is no special place in the world that American liberty represents.”
When it was my turn, I presented evidence to the contrary, much of which I'll share in Chapter 2. We rank among the top nations in economic freedom. We are a meritocracy. Advancement is driven by effort, not patronage. Failure isn't fatal here. It's seen as part of progress.
Clark claimed that social mobility is weak. But in fact, most Americans climb the income ladder as they age and gain skills. Workers move from entry‐level jobs to mid‐tier roles to higher‐paying ones. That's economic mobility in action.
Economists Phil Gramm, Robert Ekelund, and John Early wrote a superb book called The Myth of American Inequality. It examines how government data often undercounts income by ignoring taxes, transfers, and benefits.
Using Census, Treasury, and Pew data, they show the following:
Real incomes have risen across most time periods.
All income groups have gained over time – especially those who work, learn, and persist.
Intergenerational mobility is high, with nearly 90% of adult success determined by effort, not inheritance.
A full 93% of children born into the bottom income quintile surpass their parents.
Their conclusion? “Economic mobility is alive, powerful, and widespread in America today.”
Many haven't yet reached financial independence. But the opportunity exists. The path is there.
I'm no professional debater. Yet after my debate with Dr. Clark, not one hand went up in favor of the resolution that the American Dream is over. The organizer, Mark Skousen, called it the first unanimous wipeout in over 20 years of debates at FreedomFest.
Not everyone is thriving, of course. Some face daunting obstacles. Others are stuck due to bad circumstances, poor decisions, or a lack of knowledge. But millions have overcome far worse to achieve far more.
The American Dream is real. But it is not guaranteed. It is not an entitlement. You don't collect your Dream at some government office.
It is an aspiration … an achievement … a journey. Something you build with discipline, resilience, and purpose. But it all starts with believing in the possibility.
In the next chapter, we'll look at what sets America apart – and talk about how you can use this knowledge as a springboard to achieving your own dreams.
CHAPTER 2What's So Great About America
America. It is the only place where miracles not only happen, but where they happen all the time.
—Novelist Thomas Wolfe
One reason many Americans doubt the Dream is that they've lost faith in the country itself.
They've been inundated by academics, journalists, and pundits who frame the United States as a deeply flawed nation – one in decline, unworthy of admiration. This narrative has gained traction, particularly among younger Americans. Yet this national self‐loathing seems uniquely American.
A few years ago, I took a tour of Italy – my favorite country outside the United States – with friends and colleagues. We visited Milan, Verona, Lake Como, Venice, and many lovely farms and vineyards in the Tuscan countryside. Along the way, we learned a great deal about that country's historic past.
At lunch with our guide in Milan, I said, “You've told us a lot about the incredible achievements of the Roman empire, about how Latin became the West's foundational language, about your country's amazing Renaissance writers, painters, sculptors, poets, and composers, and about your unique and beautiful culture today.”
She nodded her head and thanked me.
“But let me ask … do some Italians argue that these achievements don't really represent your country? That what truly defines Italy is that the Roman empire subdued and enslaved other peoples, that your nation was the birthplace of fascism under Mussolini, and that you were an ally of Adolph Hitler in World War II?”
She cocked her head in disbelief. “Of course not,” she said. “We all know those things. But why would anyone argue that they define us?”
“Exactly,” I said. “Now let me tell you what's been happening in the United States.”
I explained how a steady drumbeat of criticism from certain corners of education and media has convinced many Americans that we are a shameful, unjust nation – that our past sins outweigh our present achievements, and that the American Dream is over.
Even the founders have been vilified. Statues of Washington, Jefferson, and Lincoln have been torn down. Some claim these men were nothing more than white supremacists with retrograde views.
Of course, slavery, conquest, and male domination existed in every civilization for thousands of years. That doesn't excuse them. But insisting that historical figures “really should have known better” ignores the fact that we are all people of our time.
Politics is the art of the possible. If our revolution in 1776 had to include equal rights for slaves, Native Americans, and women, it couldn't have happened. Even white men without property were denied the vote.
It took many decades, a war between the states, women's suffrage, civil rights, and gay rights to build a more inclusive society and begin to fulfill the American ideal of liberty and equality.
It's easy to look back and see what the founders got wrong. But they got some monumental things right. They laid the groundwork for the most inclusive, dynamic, and powerful nation the world has ever seen.
Fireworks fill the skies each Fourth of July because our nation's birth was revolutionary – not in the sense of replacing one set of rulers with another but in placing political authority in the hands of the people.
Our Declaration of Independence is a timeless statement of inherent rights, the true purposes of government and the limits of political authority. Our core beliefs are enshrined in the Constitution and Bill of Rights, the longest‐serving foundation of liberty in history.
Reflect on just a few things that make the United States an exceptional nation:
Americans are just 4.3% of the world's population, yet we create almost a quarter of its annual economic output.
Our economy is no. 1 by a huge margin. It is larger than nos. 2 and 3 – China and Japan – combined.
We are the world leader in technological innovation. The telephone, television, airplane, and internet were all invented here. So were blood transfusions, heart transplants, and countless vaccines.
If we are no different from other Western democracies, why were transformative companies like Apple, Google, Facebook, Amazon, Microsoft, Twitter, Netflix, Snapchat, Instagram, PayPal, Tesla, Uber, Moderna, and Nvidia – to name just a few – all founded here?
The United States accounts for 22% of the patents in force abroad, up from 19% in 2004. That's more than any other nation.
Our space probes and orbiting telescopes explore and explain the cosmos. We put astronauts on the moon more than half a century ago. And recent launches by SpaceX and Blue Origin demonstrate the technological prowess of our private sector.
The US dollar is the world's reserve currency. (This “exorbitant privilege” lowers our borrowing costs, reduces exchange‐rate risk, and increases access to capital.)
The American military is the primary defender of the free world. (See World War I and World War II for details.)
American agriculture is the envy of the world. Our farmers now grow five times as much corn as they did in the 1930s – on 20% less land. The yield per acre has grown sixfold in the past 70 years.
For decades, experts warned us that we had to end “our addiction to foreign oil.” Yet thanks to new technologies – like hydraulic fracturing and horizontal drilling – we are not just the world's leading oil producer but a net exporter.
The United States is home to 8 of the world's top 10 universities, according to the latest QS World University Rankings.
American workers are the most productive in the world, consistently ranking at the top in output per hour worked.
American entrepreneurship is unmatched. The United States ranks among the easiest places in the world to start and scale a business – just ask any immigrant founder of a billion‐dollar startup.
The United States is first in pharmaceutical innovation, accounting for more than half of all new drugs introduced globally over the past decade. Americans have access to more treatments than any country in the world.
The United States also leads the world in science, engineering, entertainment, and the arts.
Since 1950, about 40% of all Nobel Prize laureates have been Americans. That accounts for more winners than the next five countries combined.
No nation has produced more Olympic champions.
No nation attracts more immigrants, more students, or more foreign investment capital.
Americans adopt more foreign‐born children each year than any other nation.
And Americans are the most charitable people on Earth, both in the aggregate and per capita. The Giving USA Foundation recently reported that US charitable donations climbed 6.3% to a record $592.5 billion in 2024.
How did our small republican experiment transform and dominate global culture and the world economy? Geography played a big role. Buffered by two oceans and a rugged frontier, we had plenty of cheap land and vast natural resources. (But then so did countries like Russia and Brazil.)
We have opened our arms to tens of millions of immigrants who dreamed of a better life and helped to build this country. In the process, we have developed an astounding capacity for tolerance.
The mainstream media's meta‐narrative – that we are a racist, sexist, homophobic nation – is not based in fact. Yes, there is a gulf between the median household income and net worth of Black and white households in the United States. But that disparity is not due solely to racism. Other factors include family formation, quality of schools, educational attainment, homeownership, savings rates, and levels of equity ownership. (I'll discuss this in greater detail in Chapter 9.)
Rates of interracial marriage have risen sharply. Nearly one in five newlyweds in 2022 were interethnic, according to Pew Research.
As of 2025, the mayors of America's three largest cities are Black. Two Supreme Court justices are Black. The racial makeup of Congress roughly mirrors the nation as a whole. And the United States remains the only majority‐white nation to elect a Black president. Not just once but twice.
