Is the American Dream Dead for Millennials and Gen Z?

Millennials and Gen Z Face Steep Climb to Middle Class: The American Dream's Shifting Goalposts The pursuit of the American Dream is proving more challenging than ever for younger generations. A recent video by economics content creator Freddie Smith highlights the significant hurdles faced by Millennials and Gen Z in achieving middle-class stability. Smith points to three key factors: exorbitant housing costs, crippling student loan debt, and the high cost of childcare. "The American dream that was pitched to the Gen Xers and the Boomers is no longer present in today's world," Smith states in the video. He supports this assertion by noting that young adults now face housing costs ranging from $2,000 to $3,500 monthly, alongside student loan payments of $500 to $1,000 and childcare expenses between $1,500 and $3,000. This results in a monthly total of $4,000 to $7,500, a significant financial burden. Smith contrasts this with the experiences of older generations who enjoyed more affordable housing and fewer student loan burdens. He uses the example of a highly educated young lawyer struggling with debt and roommates, illustrating the disparity. He concludes by suggesting that the system is broken, highlighting the need for systemic change to ensure a fairer economic landscape for future generations. The video's clear presentation and compelling data make it a valuable resource for understanding this critical issue.