America marks its 250th birthday with a fading dream—the first time that younger generations will make less than their parents

Few ideas are as central to the nation’s identity as that of the American Dream.

With the 250th birthday of the United States coming up in July 2026, it’s worth stepping back to examine a concept essential to the nation’s self-image.

The term “American Dream” was actually coined in the 1930s by historian James Truslow Adams. Ever since the establishment of the Colonies, however, America has been viewed as a land where individual and collective hopes and aspirations can be realized.