A beacon of hope has long buoyed Uncle Sam’s workforce: the idea that, if a person works hard enough, they can achieve success no matter where they come from.
But the American dream is slowly slipping out of sight—in fact, nearly half the nation no longer believes it’s attainable at all.
This is a point of concern for JPMorgan Chase CEO Jamie Dimon.
The Wall Street veteran, who earned a record $36 million for his work in 2023, has withheld endorsement of either Kamala Harris or former President Donald Trump.
Instead, in an opinion piece for the Washington Post, the 68-year-old laid out what he believes the policies of the next administration should be.
The self-proclaimed “full-throated, red-blooded, patriotic, unwoke, capitalist CEO” said he wanted to see the next president focus on “smarter policies that provide protection, progress, and prosperity to all.”
Dimon, who has led the 240,000-strong workforce at America’s biggest bank since 2006, explained: “The 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’t necessarily intractable.
“For example, we can easily reform our mortgage policies to make homeownership more affordable for lower-income Americans.”
Dimon also reiterated the need for a policy shake-up regarding earned income tax credit, giving “much-needed income to the individuals and communities most in need of it.”
This isn’t the first time billionaire banker Dimon has aired the controversial take that America’s richest should be taxed more highly to support poorer peers. Back in January Dimon told the Bipartisan Policy Center in Washington, D.C.: “This is as much of a no-brainer policy as I have ever seen.
“With all of the polarization we have today. The low-income folks have more crime, worse health, less good schools. I think it’s unbelievable.”
Highlighting the need for upward social mobility in his opinion piece published Friday, Dimon added: “The absence of good policy is hurting our country and, unfortunately, hurts those who are already disadvantaged the most.”
Was the American dream ever achievable?
Whether or not the American dream is still an option—let alone attainable—depends on who you ask.
Last month Pew Research asked 8,709 Americans if they believe the dream is still achievable: Only 53% believe it’s still possible.
Of the remaining respondents, 41% believe the American dream was once possible, and 6% believed it was never possible at all.
A dig through the data shows that—perhaps unsurprisingly—older, rich, white respondents are the most likely to believe the American dream still exists.
By far, those age 65 and older think the notion is the most realistic, with 68% saying the dream is still possible.
This confidence falls lower and lower as the respondents get younger. Of the youngest demographic of respondents, between ages 18 and 29, just 39% believe the dream is still possible with the rest saying it is out of reach for good.
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—arguably those who may once have hoped the hardest—are more likely to believe the American dream never even existed.
Of those in the lower income spectrum, just 39% believe the American dream still exists.
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.
But Pew not only asked respondents if the dream was still possible, but whether they themselves had already achieved it.
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%).
Those most likely to say they had achieved the lofty heights of such success were college graduates, age 65 and older, and were overwhelmingly on the upper income end of the wealth spectrum.