What do you think?
Rate this book
Chasing the American Dream: Understanding What Shapes Our Fortunes
The United States has been epitomized as a land of opportunity, where hard work and skill can bring personal success and economic well-being. The American Dream has captured the imagination of people from all walks of life, and to many, it represents the heart and soul of the country. But there is another, darker side to the bargain that America strikes with its people -- it is the price we pay for our individual pursuit of the American Dream. That price can be found in the economic hardship present in the lives of millions of Americans.
In Chasing the American Dream , leading social scientists Mark Robert Rank, Thomas A. Hirschl, and Kirk A. Foster provide a new and innovative look into a curious dynamic -- the tension between the promise of economic opportunities and rewards and the amount of turmoil that Americans encounter in their quest for those rewards. The authors explore questions such
-What percentage of Americans achieve affluence, and how much income mobility do we actually have?
-Are most Americans able to own a home, and at what age?
-How is it that nearly 80 percent of us will experience significant economic insecurity at some point between ages 25 and 60?
-How can access to the American Dream be increased?
Combining personal interviews with dozens of Americans and a longitudinal study covering 40 years of income data, the authors tell the story of the American Dream and reveal a number of surprises. The risk of economic vulnerability has increased substantially over the past four decades, and the American Dream is becoming harder to reach and harder to keep. Yet for most Americans, the Dream lies not in wealth, but in economic security, pursuing one's passions, and looking toward the future. Chasing the American Dream provides us with a new understanding into the dynamics that shape our fortunes and a deeper insight into the importance of the American Dream for the future of the country.
In Chasing the American Dream , leading social scientists Mark Robert Rank, Thomas A. Hirschl, and Kirk A. Foster provide a new and innovative look into a curious dynamic -- the tension between the promise of economic opportunities and rewards and the amount of turmoil that Americans encounter in their quest for those rewards. The authors explore questions such
-What percentage of Americans achieve affluence, and how much income mobility do we actually have?
-Are most Americans able to own a home, and at what age?
-How is it that nearly 80 percent of us will experience significant economic insecurity at some point between ages 25 and 60?
-How can access to the American Dream be increased?
Combining personal interviews with dozens of Americans and a longitudinal study covering 40 years of income data, the authors tell the story of the American Dream and reveal a number of surprises. The risk of economic vulnerability has increased substantially over the past four decades, and the American Dream is becoming harder to reach and harder to keep. Yet for most Americans, the Dream lies not in wealth, but in economic security, pursuing one's passions, and looking toward the future. Chasing the American Dream provides us with a new understanding into the dynamics that shape our fortunes and a deeper insight into the importance of the American Dream for the future of the country.
232 pages, Paperback
First published January 1, 2014
15 people are currently reading
156 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 14 of 14 reviews
April 24, 2016
Very recently, a letter to the editor of my town's newspaper included the lines: " Anyone can succeed in the United States. Believe in yourself, clean yourself up, get an education, try as hard as you can, start at the bottom rung, work your way up. This has worked well for hundreds of years, and still works quite well. The U.S. is filled with millions of wonderful success stories." What the writer is espousing, it occurred to me, is the American Dream. The authors of this book, both professors of sociology, seek to examine the validity of that dream. They define the dream in this way (from page 152):
America appears to be the only country with its own dream. There is no such thing as the Norwegian Dream or the Bulgarian Dream, but there is such a thing as the American Dream. This should alert us to its central importance. This is a country that was founded upon the dreams of those who came to settle here. As we discussed in the first part of the book, although the dreams themselves consist of many different goals and aspirations, there are at least three broad generalities that we found to apply to most people's conceptualization of the American Dream: first, having the freedom to engage and pursue one's interest and passions; second, the bargain that hard work should lead to economic security and success; and third, the importance of hope, optimism, progress, and successfully confronting the challenges in life.
The authors use a nice mix of interviews with people at different economic levels and statistics to illustrate their points. The book is divided into three parts: the dreams, in which they talk to people about what the American Dream means to them and how it has played out in their lives; the pathways, in which the authors look at the real story of how open opportunities are to people at different economic levels; and the meanings of what their research shows.
In the second section, on pathways, one part I found interesting was the results of studies that examine something called "intergenerational elasticity", which show how much of a father's economic position is handed down to his child. The United Kingdom, Italy, and the United States are at the top of the list, meaning they are places where a father's economic status lies very near where his child will end up. Near the bottom of the list are Canada, Finland, Norway, and Denmark. As the authors say, "...these results indicate that economic mobility is much more constrained in the United States than in many other economically developed countries", and that "intergenerational economic mobility has been declining in the United States since 1980." (page 90). (Maybe it should really be called the "Canadian Dream", or the "Nordic Dream"?) In a comment relevant to the letter writer with which I opened, they have this to say:
"In thinking about these patterns of mobility, what role does motivation and hard work play in getting ahead? In the course of our discussions with dozens of people from many different walks of life, our conclusion is that hard work is a necessary but not a sufficient condition for getting ahead. In other words, hard work and effort are generally important ingredients for reaching one's goals in life, but they do not guarantee success in and of themselves." (page 101) I thought they presented an interesting way to think about this. They say:
"...Let us imagine a modified game of Monopoly, in which the players start out with quite different advantages and disadvantages, much as they do in life. Player 1 begins with $5,000 and several Monopoly properties on which houses have already been built. Player 2 starts out with the standard $1,500 and no properties. Finally, Player 3 begins the game with only $250. The question now becomes: Who will be the winners and losers in this modified game of Monopoly? Both luck and skill are still involved, but given the differing sets of resources and assets that each player begins with, these become much less important in predicting the game's outcome. Certainly, it is possible for Player 1, with $5,000, to lose, and for Player 3, with $250, to win, but that is unlikely given the unequal allocation of money at the start of the game. Moreover, while Player 3 may win in any individual game, over the course of hundreds of games, the odds are that Player 1 will win considerably more often, even if Player 3 is much luckier and more skilled. In addition, the way each of the three individuals are able to play the game will vary considerably. Player 1 is able to take greater chances and risks. If he or she makes several tactical mistakes, these probably will not matter much in the larger scheme of things. If Player 3 makes one such mistake, it may very well result in disaster. Player 1 will also be easily able to purchase properties and houses that Player 3 is largely locked out of. These assets, in turn, will generate further income later in the game for Player 1 and in all likelihood will result in the bankrupting of Player 3. This analogy illustrates the concept that Americans are not beginning their lives at the same starting point.....The overall pathway that we examine in this chapter is what is known as cumulative inequality, or cumulative advantage or disadvantage.....We focus on two major fault lines in American society that illustrate cumulative advantage and disadvantage----class and race.These two factors have been shown to exert a profound influence on people's life chances..." (pages 107-108).
They go on to examine where a child grows up, the sort of education the child receives, health disparities, and even just fate, to show how these things impact life chances.
Still, the authors conclude by acknowledging the positive side of the American Dream:
"In thinking back on the 75 interviews that we conducted, there was an intangible but admirable quality that we found in our interviewees. You might call it the American spirit. There was a sense of optimism and determination that people conveyed, regardless of their financial or social conditions. There was a sense of dreams that lay waiting to be uncovered." (page 154)
Yet, they say this:
"There are two large questions that we should ask regarding the pathways to the American Dream. First, are there enough opportunities available for all? And second, is access to such opportunities fair and open? We would argue that the answer to both questions is largely 'no'....Like a game of musical chairs we have many more people playing the game than there are chairs available. In particular, over the past 40 years, the chairs have become fewer in number and lower in quality. As a result, fewer individuals are able to achieve the American Dream of economic security and well-being in return for working hard and playing by the rules. Furthermore, the lack of good job opportunities can affect the overall positive outlook that Americans generally have of the future. Finally, the availability of fewer good jobs makes it more difficult for people to follow their passions and interests. Therefore, the structural changes that have occurred over the past 40 years have adversely affected Americans' ability to achieve the American Dream. This is not to say that many do not achieve the American Dream, only that it has become more difficult over time." (pages 156-157).
They also say, "The paradox of America has always been the emphasis in its documents and rhetoric on the 'all', while the reality is accurately represented by the word 'some'." (page 160) Further, they admonish us to remember: "the idea that the promise of the American Dream may blind people to the realities of the limited pathways to the Dream. Individual success or failure is attributed to hard work or its lack thereof, rather than inequalities in the opportunity structure. The belief in the American Dream may prevent us from recognizing its shortcomings." (page 171)
America appears to be the only country with its own dream. There is no such thing as the Norwegian Dream or the Bulgarian Dream, but there is such a thing as the American Dream. This should alert us to its central importance. This is a country that was founded upon the dreams of those who came to settle here. As we discussed in the first part of the book, although the dreams themselves consist of many different goals and aspirations, there are at least three broad generalities that we found to apply to most people's conceptualization of the American Dream: first, having the freedom to engage and pursue one's interest and passions; second, the bargain that hard work should lead to economic security and success; and third, the importance of hope, optimism, progress, and successfully confronting the challenges in life.
The authors use a nice mix of interviews with people at different economic levels and statistics to illustrate their points. The book is divided into three parts: the dreams, in which they talk to people about what the American Dream means to them and how it has played out in their lives; the pathways, in which the authors look at the real story of how open opportunities are to people at different economic levels; and the meanings of what their research shows.
In the second section, on pathways, one part I found interesting was the results of studies that examine something called "intergenerational elasticity", which show how much of a father's economic position is handed down to his child. The United Kingdom, Italy, and the United States are at the top of the list, meaning they are places where a father's economic status lies very near where his child will end up. Near the bottom of the list are Canada, Finland, Norway, and Denmark. As the authors say, "...these results indicate that economic mobility is much more constrained in the United States than in many other economically developed countries", and that "intergenerational economic mobility has been declining in the United States since 1980." (page 90). (Maybe it should really be called the "Canadian Dream", or the "Nordic Dream"?) In a comment relevant to the letter writer with which I opened, they have this to say:
"In thinking about these patterns of mobility, what role does motivation and hard work play in getting ahead? In the course of our discussions with dozens of people from many different walks of life, our conclusion is that hard work is a necessary but not a sufficient condition for getting ahead. In other words, hard work and effort are generally important ingredients for reaching one's goals in life, but they do not guarantee success in and of themselves." (page 101) I thought they presented an interesting way to think about this. They say:
"...Let us imagine a modified game of Monopoly, in which the players start out with quite different advantages and disadvantages, much as they do in life. Player 1 begins with $5,000 and several Monopoly properties on which houses have already been built. Player 2 starts out with the standard $1,500 and no properties. Finally, Player 3 begins the game with only $250. The question now becomes: Who will be the winners and losers in this modified game of Monopoly? Both luck and skill are still involved, but given the differing sets of resources and assets that each player begins with, these become much less important in predicting the game's outcome. Certainly, it is possible for Player 1, with $5,000, to lose, and for Player 3, with $250, to win, but that is unlikely given the unequal allocation of money at the start of the game. Moreover, while Player 3 may win in any individual game, over the course of hundreds of games, the odds are that Player 1 will win considerably more often, even if Player 3 is much luckier and more skilled. In addition, the way each of the three individuals are able to play the game will vary considerably. Player 1 is able to take greater chances and risks. If he or she makes several tactical mistakes, these probably will not matter much in the larger scheme of things. If Player 3 makes one such mistake, it may very well result in disaster. Player 1 will also be easily able to purchase properties and houses that Player 3 is largely locked out of. These assets, in turn, will generate further income later in the game for Player 1 and in all likelihood will result in the bankrupting of Player 3. This analogy illustrates the concept that Americans are not beginning their lives at the same starting point.....The overall pathway that we examine in this chapter is what is known as cumulative inequality, or cumulative advantage or disadvantage.....We focus on two major fault lines in American society that illustrate cumulative advantage and disadvantage----class and race.These two factors have been shown to exert a profound influence on people's life chances..." (pages 107-108).
They go on to examine where a child grows up, the sort of education the child receives, health disparities, and even just fate, to show how these things impact life chances.
Still, the authors conclude by acknowledging the positive side of the American Dream:
"In thinking back on the 75 interviews that we conducted, there was an intangible but admirable quality that we found in our interviewees. You might call it the American spirit. There was a sense of optimism and determination that people conveyed, regardless of their financial or social conditions. There was a sense of dreams that lay waiting to be uncovered." (page 154)
Yet, they say this:
"There are two large questions that we should ask regarding the pathways to the American Dream. First, are there enough opportunities available for all? And second, is access to such opportunities fair and open? We would argue that the answer to both questions is largely 'no'....Like a game of musical chairs we have many more people playing the game than there are chairs available. In particular, over the past 40 years, the chairs have become fewer in number and lower in quality. As a result, fewer individuals are able to achieve the American Dream of economic security and well-being in return for working hard and playing by the rules. Furthermore, the lack of good job opportunities can affect the overall positive outlook that Americans generally have of the future. Finally, the availability of fewer good jobs makes it more difficult for people to follow their passions and interests. Therefore, the structural changes that have occurred over the past 40 years have adversely affected Americans' ability to achieve the American Dream. This is not to say that many do not achieve the American Dream, only that it has become more difficult over time." (pages 156-157).
They also say, "The paradox of America has always been the emphasis in its documents and rhetoric on the 'all', while the reality is accurately represented by the word 'some'." (page 160) Further, they admonish us to remember: "the idea that the promise of the American Dream may blind people to the realities of the limited pathways to the Dream. Individual success or failure is attributed to hard work or its lack thereof, rather than inequalities in the opportunity structure. The belief in the American Dream may prevent us from recognizing its shortcomings." (page 171)
February 5, 2025
how do i copy and paste my previous review. so boring
May 12, 2020
With liberty and justice for some
The American Dream, for us little people at least, is about motion and progress, in the life of the working middle-class, which began after WWII, but which has, for the past four decades, become fraught with cost of buying loss, unequal income distribution and wealth concentration.
According to the authors, the U.S. leads the developed world in income inequality. We’re number 1!
And so begins seventy-five interviews.
Hardly surprising, Those Who Rule Over Us have begun to outsource quality paying jobs with wages, reducing the ability of the average worker to “pull himself up by his bootstraps,” creating part-time jobs, lower income, reduced savings, reduced health care, etc.
For most, economic disaster is merely a step away due to downsizing, health issues, etc., while Wal-Mart replaced manufacturers as America’s largest employer, bringing us back to the now politically popular income divide.
The American Dream offers better times ahead, home ownership, a vehicle, enough… Not vast wealth. Just enough.
A USA Today article by Howard R, Gold dated July 4, 2014 indicated the American dream costs $130,000 (gross) a year per family. Good luck with that when the U.S. Census Bureau indicates the 2012 U.S. median family income is $50,099.
Just as in education where the biggest single indicator of success is parental financial health, quality employment often depends upon the economic health and even neighborhood of family. The bootstrap business is hardly 100% successful.
And the book asks, are there enough opportunities for all and are the opportunities fair and open and answers “no.”
I
f there is indeed a problem with this book is that no realistic method is offered to get us all to the opportunity of achieving the American dream. But, yet, no on else has either.
This is a powerful book which should be thoughtfully read by everyone.
The American Dream, for us little people at least, is about motion and progress, in the life of the working middle-class, which began after WWII, but which has, for the past four decades, become fraught with cost of buying loss, unequal income distribution and wealth concentration.
According to the authors, the U.S. leads the developed world in income inequality. We’re number 1!
And so begins seventy-five interviews.
Hardly surprising, Those Who Rule Over Us have begun to outsource quality paying jobs with wages, reducing the ability of the average worker to “pull himself up by his bootstraps,” creating part-time jobs, lower income, reduced savings, reduced health care, etc.
For most, economic disaster is merely a step away due to downsizing, health issues, etc., while Wal-Mart replaced manufacturers as America’s largest employer, bringing us back to the now politically popular income divide.
The American Dream offers better times ahead, home ownership, a vehicle, enough… Not vast wealth. Just enough.
A USA Today article by Howard R, Gold dated July 4, 2014 indicated the American dream costs $130,000 (gross) a year per family. Good luck with that when the U.S. Census Bureau indicates the 2012 U.S. median family income is $50,099.
Just as in education where the biggest single indicator of success is parental financial health, quality employment often depends upon the economic health and even neighborhood of family. The bootstrap business is hardly 100% successful.
And the book asks, are there enough opportunities for all and are the opportunities fair and open and answers “no.”
I
f there is indeed a problem with this book is that no realistic method is offered to get us all to the opportunity of achieving the American dream. But, yet, no on else has either.
This is a powerful book which should be thoughtfully read by everyone.
October 25, 2014
Fantastic read. It's rigorous enough for the academic crowd, and accessible enough for the lay reader. I loved the mixed methodology--the quants get their tables and figures and the quals get their interviews and focus groups, so everybody wins.
I enjoyed the structure of the book. The first section is the set up (what are the components of the American Dream in the eyes of Americans), the second section examines how much is attainable and why(the Dream vs. Reality) and includes a nice (if brief) cross-national analysis. The final section (which honestly, could've been further developed), addresses the drawbacks of espousing the American Dream; where the emphasis on the individual translates to a de-emphasis on society. Along with that emphasis on the individual comes the suspicion that if you don't get ahead, it just might be your fault, instead of an acknowledgement of the role that structural factors (race, class, etc.) and pure dumb luck can have in attaining the Dream.
The interview excerpts were well-placed. Rank, et al. have found some real characters who often give a color illustration of the American Dream.
Overall a great read. My only major complaint--give me footnotes and not endnotes!
I enjoyed the structure of the book. The first section is the set up (what are the components of the American Dream in the eyes of Americans), the second section examines how much is attainable and why(the Dream vs. Reality) and includes a nice (if brief) cross-national analysis. The final section (which honestly, could've been further developed), addresses the drawbacks of espousing the American Dream; where the emphasis on the individual translates to a de-emphasis on society. Along with that emphasis on the individual comes the suspicion that if you don't get ahead, it just might be your fault, instead of an acknowledgement of the role that structural factors (race, class, etc.) and pure dumb luck can have in attaining the Dream.
The interview excerpts were well-placed. Rank, et al. have found some real characters who often give a color illustration of the American Dream.
Overall a great read. My only major complaint--give me footnotes and not endnotes!
June 14, 2016
The point of the book, the message and the facts presented, was great. I was really excited to read this book because it's a topic that interests me.
But much like the other reviewers of this book, I found it lacking. Mostly in the actual writing technique. And it was so repetitive. Dear god, they kept repeating the same talking points over and over and over again. When I got to chapter 9, I was literally reading huge chunks of text that were EXACTLY THE SAME as passages from chapter 1 or 2. Seriously, the book could have been half the length it is. I often got to the conclusion of each chapter and thought, "You really could have just put this in and skipped that whole chapter. Throw the charts and graphs in the appendix and call it a day."
I'm going to keep this book because there are passages that clearly explain complex issues and it could be handy in the future for reference or something. Would recommend a skim-read.
But much like the other reviewers of this book, I found it lacking. Mostly in the actual writing technique. And it was so repetitive. Dear god, they kept repeating the same talking points over and over and over again. When I got to chapter 9, I was literally reading huge chunks of text that were EXACTLY THE SAME as passages from chapter 1 or 2. Seriously, the book could have been half the length it is. I often got to the conclusion of each chapter and thought, "You really could have just put this in and skipped that whole chapter. Throw the charts and graphs in the appendix and call it a day."
I'm going to keep this book because there are passages that clearly explain complex issues and it could be handy in the future for reference or something. Would recommend a skim-read.
September 6, 2014
This book helped reinforce what I've thought for years: that the American Dream is not something cooked up by Madison Avenue, but it is instead an ideal. It says that everyone should live in an environment that encourages them to achieve their dreams and live up to their maximum potential.
He dwells on the dynamics of the U.S. economy that our parents knew: that you could graduate high school and go to work the next day and support your family in reasonable comfort. He then tells the stories of people who did so, and how changes in the economy forced them to downsize their life.
He also makes the case for several economic changes that need to happen if we are to return to such a wide spread prosperity for America.
He dwells on the dynamics of the U.S. economy that our parents knew: that you could graduate high school and go to work the next day and support your family in reasonable comfort. He then tells the stories of people who did so, and how changes in the economy forced them to downsize their life.
He also makes the case for several economic changes that need to happen if we are to return to such a wide spread prosperity for America.
October 30, 2016
This was a really informative book and most of the language was easily comprehensible. There were some parts that were rife with tables and statistics, which could have been broken up or broken down to make the reading and understanding easier, but that's a risk that comes with books based on statistical research, I guess. I'd recommend it, though probably not as introduction to economic and class issues. It's just past what I'd recommend as 101.
October 12, 2014
A book that questions the reality of the American Dream by sharing not only numbers and statistics, but also individual stories. One of the most interesting questions asked by the author is, "What percentage of Americans achieve affluence, and how much income mobility do we actually have?" The answer will likely surprise you.
August 24, 2014
I enjoyed the interviews in this book, but there was far too much repetition.
July 2, 2015
Interesting topic, but the book was incredibly repetitive. If you've read the first 60 pages or so you'll have a solid understanding of the rest.
September 30, 2024
I was lucky enough to have Dr. Rank as a professor in graduate school. This book was essential to the curriculum and his classes shaped the person I am today, both professionally and personally. Good read!
June 14, 2023
The authors did the research and analyzed the 2010 Census down to Census Tract level to find out all the facts about personal and household income. Excellent job of analysis and depiction. Their charts enable one to alternate between the text conclusions and the numbers. The American Dream lives on, sort of, but is not available to all. Those that start poor, especially in minority poverty areas of this country have a serious hill to climb.
January 7, 2019
I liked this book because it taught me a lot of things
Displaying 1 - 14 of 14 reviews