Is the American Dream dead?

The debate is getting heavy. But the debate doesn't matter for you.

Yesterday was Memorial Day. It’s a day we honor those who paid the ultimate sacrifice — so that the rest of us can live out our American Dream.

Yet, a growing number of Americans think the American Dream is dead or only reserved for a few.

The debate is getting heavy. In March of this year, Entrepreneur magazine featured an article that proclaims the American Dream is dead, citing rising costs, increased credit card debt, and wealth disparity at an all-time high (with the division continuing to grow).

In his 2020 book, The American Dream Is Not Dead, author Michael Strain argues that while there are plenty of people struggling and that our country has some real challenges (ones he reviews in the book), the American Dream is not dead.

I was in a room with Michael a few weeks ago at a workshop with the American Enteprise Institute in Washington, DC. Even though his book was written in 2020, his tune didn’t change. Every question or anecdote each of us in the room had was effectively refuted.

Michael’s research shows an economy delivering for America’s workers; higher wages and income (even accounting for inflation), improvements in the broader quality of life, and that most importantly, America is still broadly characterized by upward economic mobility.

I titled my own book, released earlier this year, The American Dream is a Terrible Thing to Waste. My view on the subject is this: no matter how horrible any particular economic situation is — meaning if Michael is right or wrong — it doesn’t matter for you.

What matters for you, as an individual, is learning how to build an entrepreneurial mindset. This does not mean you have to start your own company or even lead one. It simply means you need to embody the common characteristics that I have found through my conversations with over 125 entrepreneurs over the past decade. They represent more than 20 different states across the U.S. A half dozen immigrated here from other countries. And a few even live in other countries today.

While entrepreneurs exist across the globe, there is no place on earth like the United States, where so many of our people have an entrepreneurial mindset.

This is why we cannot give up on it.

It is the entrepreneurial mindset that is the backbone of what makes America possible.

That mindset is reinforced by every new generation of immigrants who come here seeking opportunity. Even as some of us see a larger and more oppressive government getting in the way of entrepreneurs, the immigrant sees a place filled with opportunities they could never imagine.

Like you, I sit here and watch the debates about what’s going on at our southern border and within our immigration system. A big part of the problem is that our government is burdensome and bureaucratic.

I personally know hard-working immigrants who have been here for years, have followed the legal path, and are still waiting for their appointment with bureaucrats. Perhaps you know people like this too.

I also see the reasons why so many people are coming to our border. They are here for an opportunity. Who can blame them? This is the greatest country on the history of this planet. And I’m not just speaking hyperbole. I’ve been to some great countries. When I return back to the USA, I see its greatness even more.

Most countries in the world do not have an immigration problem. On the contrary, they wish people wanted to immigrate to their countries. Having an immigration problem is actually a good thing. It demonstrates that there are still plenty of good reasons for people to come here — including people who are really struggling.

To me, that’s evidence to Michael Strain’s point — the American Dream is not dead. And, it’s even more evidence to my point: the economic situation of a country doesn’t matter. It’s not an obstacle for you or I to succeed.

The only obstacle might be our mindset.

If we can build an entrepreneurial mindset, we can indeed achieve the American Dream — which is the freedom to live the life that we want. It is the freedom and the ability to bring our gifts to the free market and to find our comparative advantage in that market.

That’s what the men and women who we honor this week fought and died for. They courageously put their lives on the line and paid the ultimate price — for us. It is because of them that we have the tools to not let our American Dream go to waste.

Let’s not waste our time thinking about excuses. Let’s build a mindset that will help us jump any hurdle or get around any obstacle. The first step is simply controlling what we can control and being humble about where we can first start. Start thinking more optimistically. The immigrant walks into this country and sees opportunities everywhere. If only we could all have that mindset.

***

Come build your mindset with us in the Fearless Journeys community today. Reply to this email and let me know how we can help!