“If you work hard and play by the rules, you’ll get ahead.” Thus, the “American dream” has been ingrained for generations. But in our era of capitalist decline, millions of American workers have completely lost faith in this idea. Years of struggling just to keep their heads above water have eroded confidence in this ideological pillar of American capitalism.

The Wall Street Journal found the results of their recent WSJ-NORC poll highly concerning: “Nearly 70% of people said they believe the American dream—that if you work hard, you will get ahead—no longer holds true or never did, the highest level in nearly 15 years of surveys.” The share of the population who say they have a good chance of improving their standard of living has fallen to just 25%, the lowest figure since the surveys began in 1987.

Across the board, workers feel uneasy about their financial situation. Millions have already seen their real wages stagnate or decline. Those who still have a semblance of income stability aren’t confident it will last. “Faith in the American Dream Is Fading as Economic Pessimism Grips the Nation,” the Journal fretted. This profound shift in consciousness reflects the historic impasse of US and world capitalism.

All good things come to an end

“All ideas are taken from experience, are reflections—true or distorted—of reality,” wrote Friedrich Engels. Like all ideas, the “American dream” had a historical-material basis, and there was a reason it spread so widely.

The American capitalist class really did have “exceptionally” favorable conditions to forge and refine their rule. After stamping out chattel slavery and completing their genocidal campaign against the American Indians, the ruling class controlled a vast, resource-rich continent ripe for capitalist expansion. Back then, they struggled to find enough labor to meet their needs, and to ordinary farmers and workers, they promised that as long as you work hard, you’ll succeed.

For quite some time, it appeared to be true. From the homesteaders of the 19th century, to the industrial workers and small businessmen after the US Civil War, to those who lived through the unprecedented prosperity of the post-World War II economic upswing, it seemed that life improved for each subsequent generation. It certainly wasn’t perfect—the daily horrors of capitalism remained a fact of life—nonetheless, things seemed to be getting better in the long run.

But since the economic crisis of the mid-1970s, and especially since the so-called financial crisis of 2008, American capitalism has been faltering. Now, US imperialism is in relative decline while China and Russia have emerged as major imperialist competitors. The American capitalists’ lucky streak is over. Faced with declining influence on a world scale, they’re preparing for a further onslaught against the working class here at home.

According to the Wall Street Journal, “Nearly 70% of people said they believe the American dream … no longer holds true or never did, the highest level in nearly 15 years of surveys.” / Image: public domain

Something’s got to give

The combination of a tight job market, rising levels of household debt, and inflation weighs workers across the country. A supermajority of the population now sees that the promise of hard work leading inevitably to a decent life simply isn’t true.

As Austin Odle explained to The Wall Street Journal: “I was doing everything, I thought, right, and still not feeling like I’m ahead.” Despite earning an MBA through the GI Bill, he has been unable to find adequate employment to support his wife and daughter after losing his job last year.

It’s no wonder that a recent Gallup poll found only 54% of Americans have a positive view of capitalism—the lowest level since they started asking this question in 2010.

In a country where individualism is so deeply rooted, it is inevitable that many turn first to individual solutions. But it’s increasingly clear that collective problems require a collective solution. The rising support for unions, socialism, and even communism indicates where consciousness is heading. A massive upsurge in the class struggle is on the horizon—and we need to prepare for it now.