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As the country approaches its 250th anniversary, the traditional "American dream" has become more difficult to attain, says one Midwest professor.

Recent polling mirrors this view, as more than half of Wisconsinites, and people across the country, say they're "worse off" now than a few years ago.

Mark Rank, the Herbert S. Hadley Professor of Social Welfare at Washington University in St. Louis, said economic security, personal fulfillment and hope for a better future are all key parts of the American dream – which people assumed they could achieve through hard work. But Rank said stagnant wages and big cost-of-living hikes have dampened their optimism.

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"This idea of more and more people falling behind in terms of the American dream really explains a lot of the disillusionment, a lot of the frustration, a lot of the anxiety that people are experiencing in this country today," he said.

Seventy-five percent of Wisconsinites say they're very concerned about inflation and the cost of living, according to a recent Marquette Law School survey. Rank connected these struggles to broader political dissatisfaction, noting that while politicians promise to restore the American dream, doing so is challenging.

More than half of Americans also voice concerns that economic growth in the United States doesn’t benefit everyone equally. Rank said improving equal opportunity through investments in education, child care and health care will be needed to make the American dream more attainable. 

"I think we absolutely can do that," he said. "But what we really need is the political will. That's the problem – there’s a lot of gridlock; nothing seems to be getting done. And we need to move forward, especially thinking about the 250th anniversary of this country and where we want to go in the future."

Ultimately, Rank emphasized that hope for a better future is essential. Without it, he said, the nation is at greater risk.

"When you lose the belief that you can achieve the American dream, then your life is – in many ways, it's over," he said. "And so, that idea of having that optimism – and having the reality out there that yes, you can achieve the American dream – is so important to the fabric of this country."