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A beacon of hope has long buoyed Uncle Sam\u2019s workforce: The idea that, if a person works hard enough, they can achieve success no matter where they come from. <\/p>\n
But the American dream is slowly slipping out of sight<\/a>\u2014in fact, nearly half the nation no longer believes it\u2019s attainable at all<\/a>. <\/p>\n This is a point of concern for JPMorgan Chase\u2019s CEO Jamie Dimon<\/a>. <\/p>\n The Wall Street veteran, who earned a record $36 million for his work in 2023<\/a>, has withheld endorsement of either Kamala Harris or former President Donald Trump. <\/p>\n Instead, in an opinion piece for The Washington Post<\/a><\/em>, the 68-year-old laid out what he believes the policies of the next administration should be. <\/p>\n The self-proclaimed \u201cfull-throated, red-blooded, patriotic, unwoke, capitalist CEO\u201d<\/a> said he wanted to see the next president focus on \u201csmarter policies that provide protection, progress and prosperity to all.\u201d<\/p>\n Dimon, who has led the 240,000-strong workforce at America\u2019s biggest bank since 2006, explained: \u201cThe American dream is disappearing for many because opportunity is not shared equally. Many inner-city and rural schools do not teach students the skills they need to get good jobs. Some of these problems aren\u2019t necessarily intractable. <\/p>\n \u201cFor example, we can easily reform our mortgage policies to make homeownership more affordable for lower-income Americans.\u201d<\/p>\n Dimon also reiterated the need for a policy shake-up regarding earned income tax credit<\/a>, giving \u201cmuch-needed income to the individuals and communities most in need of it.\u201d<\/p>\n This isn\u2019t the first time billionaire banker Dimon has aired the controversial take that America\u2019s richest should be taxed more highly to support poorer peers. Back in January Dimon told the Bipartisan Policy Center in Washington D.C.: \u201cThis is as much of a no-brainer policy as I have ever seen. <\/p>\n \u201cWith all of the polarization we have today. The low-income folks have more crime, worse health, less good schools. I think it\u2019s unbelievable.\u201d<\/p>\n Highlighting the need for upwards social mobility in his opinion piece published Friday, Dimon added: \u201cThe absence of good policy is hurting our country and, unfortunately, hurts those who are already disadvantaged the most.\u201d<\/p>\n Whether or not the American dream is still an option\u2014let alone attainable\u2014depends on who you ask. <\/p>\n Last month Pew Research<\/a> asked 8,709 Americans if they believe the dream is still achievable: Only 53% believe it\u2019s still possible. <\/p>\n Of the remaining respondents, 41% believe the American dream was once possible and 6% believed it was never possible at all. <\/p>\n A dig through the data shows that\u2014perhaps unsurprisingly\u2014older, rich, white respondents are the most likely to believe the American dream still exists. <\/p>\n By far, those aged 65+ think the notion is the most realistic with 68% saying the dream is still possible. <\/p>\n This confidence falls lower and lower as the respondents get younger. Of the youngest demographic of respondents, aged between 18 and 29, just 39% believes the dream is still possible with the rest saying it is out of reach for good. <\/p>\n The story is similar among income cohorts. Those at the highest end felt closer to achieving the dream (64%) whereas those at the lower end of the spectrum\u2014arguably those who may once have hoped the hardest\u2014are more likely to believe the American dream never even existed. <\/p>\n Of those in the lower income spectrum, just 39% believed the American dream still exists.<\/p>\n More parity was found across racial demographics. White respondents were most confident in their ability to achieve the dream (55%) while 52% of black respondents felt the same. <\/p>\n But Pew not only asked respondents if the dream was still possible, but whether they themselves had already achieved it. <\/p>\n On this count, respondents were split almost into thirds across having achieved the American dream (31%) being on their way (36%) and the dream being out of reach (30%). <\/p>\n Those most likely to say they had achieved the lofty heights of such success were college graduates, aged 65+ and were overwhelmingly on the upper income end of the wealth spectrum. <\/p>\n<\/div>\nWas the American dream ever achievable? <\/h2>\n
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