Only 36% of voters still believe the American Dream is attainable, according to a 2023 Wall Street Journal/NORC survey. This figure is decidedly lower than other pollster findings in similar surveys. Those revealed that 48% of voters in 2016 and 53% in 2012 felt reasonably assured of their opportunities for a prosperous future.
In other words, a majority of Americans were hopeful about the future in 2012, whereas today, this sentiment has dropped to just above a third.
It doesn’t take an economics degree to list potential reasons public sentiment seems to be trending in the wrong direction. Americans are consistently barraged with negative headlines and stressful news updates, from supersized natural disasters to political unrest to foreign wars. It’s okay to admit that there are legitimate causes for concern. As investors, this may make international investments more appealing. Why invest in companies owned and operated in a country that’s on the decline? Or worse yet, why invest at all?
As a tense election day approaches, remember that America’s core strength doesn’t come from politics. American author and journalist Robert Bryce recently explained why he feels the United States continues to be an enviable place to live and work. His words are a powerful reminder of the Army of American Productivity’s dynamic momentum, working every second of the day to create, innovate, and drive our economic engine.
Despite the challenges, there is still plenty of evidence for future retirees to justify an optimistic attitude as they strive to meet the dream of financial prosperity. Using Bryce’s five specific categories of American excellence as a framework can help reveal why the pursuit of a happy retirement in the U.S. is still a worthy endeavor.
Education
The K-12 system may need improvement, but many covet higher education in the U.S. Home to 58 of the 100 highest-ranked universities worldwide, including seven out of the top 10, these institutions churn out many cutting-edge entrepreneurs who fuel industries across various sectors. Whether it’s the next AI, biotech, or telecommunications breakthrough, it’s likely incubating on a U.S. campus.
Since 1901, the U.S. has produced the most Nobel Prize winners, with the U.K. and Germany coming in distant second and third place, respectively. It remains a leader in technology and innovation, and that momentum keeps America at the center of the global economy while benefiting domestic and international customers.
Demographics
Population matters, especially regarding long-term economic growth. While Japan, China, and many European nations are facing population decline, the U.S. still is projected to grow from 337 million today to 404 million by 2060. Furthermore, it has utilized immigration to offset low fertility rates. This demographic edge translates to more workers, consumers, and a bigger talent pool to drive the economy forward.
The U.S. median age is 38.9, younger than China’s (40.2) and Japan’s (49.9), providing a demographic cushion for workforce sustainability.
Geography and Agriculture
North America’s landscape is a goldmine—proliferous farmland, high crop yields, and extensive agricultural infrastructure help make the U.S. the world’s top food exporter. This income stream and self-sufficient food security contribute to overall national stability.
However, harvesting the crops is only half the battle. With 2.4 million miles of traversable rivers, canals, bays, and other waterways, America is blessed with an abundance of transportation routes for the goods it produces. Sailing cargo down the Mississippi River is far easier than hauling it over mountains and valleys.
One particularly lucrative product is corn. Producing almost 40% of the world’s supply makes the U.S. a global leader in corn production, and the introduction of more drought-resistant hybrid corn allowed for heartier yields.
Energy
It’s impossible to power an economy without energy. Ample resources and state-of-the-art harvesting methods allow the U.S. to shine in this department.
The U.S. surpassed Saudi Arabia and Russia to become the world’s largest oil producer in 2018. It also tops the list for natural gas, accounting for 24.2% of global natural gas production in 2022. Furthermore, natural gas prices are significantly lower in the U.S. than in much of the world, and the competitive edge that affords its industries can’t be overstated.
Energy security, or “having sufficient reserves to meet demand and having a power system and infrastructure that are protected against physical and cyber threat,” keeps the U.S. ahead of its global peers. If its oil and natural gas prowess weren’t convincing enough, the U.S. also leads the world in nuclear energy production. Nearly a fifth of the country’s electricity comes from nuclear power annually.
The Constitution
What sets the U.S. apart from other wealthy countries is its true backbone: The Constitution. The noble pillars supporting its creation—a desire to form a more perfect union, establish justice, ensure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty—are the reason power remains diffuse. Federal leaders enact laws in Washington, D.C., but they must do so without trampling on the rights of the states, cities, and individual citizens. The high-minded aims underlying the action have kept things churning, despite the flaws, for more than 230 years.
By balancing the powers among its three branches, the Constitution has protected the freedom that fuels America’s entrepreneurial drive. As of 2023, small businesses comprised 99.9% of all U.S. companies and employed 61.7 million Americans, totaling 46.4% of private sector employees, thus demonstrating how decentralized power can feed all-around growth.
Bottom Line
The road to a happy retirement can be lined with hazards. Lately, that may feel more true than ever as doubt about the future of the American Dream creeps in for many people. Mother nature is roaring, and fears of a potential recession are rolling in even before the current inflation rolls out. A close election is testing our civility, while social media tends to stoke the flames.
However, the strength of the United States was never based on smooth and gentle tidings. It’s a comprehensive coalition that can put aside differences to forge ahead together, no matter what. Take a moment to look around. The uplifting signs of The Army of American Productivity are evident. The entrepreneurial spirit is alive and well. The possibility of the American Dream is still within the grasp of many.
As Bryce admits, it can sometimes be easy to grow pessimistic. But with a little effort, the reasons for optimism reveal themselves. Growing pains and sibling rivalries aren’t pleasant, but they can strengthen future bonds. By working together to shape an even more united set of fifty states, there’s no reason America’s best days aren’t still ahead, and investing in that future may be one way for retirees to reach for the happiness and security they desire.
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