The American dream is dead. Or so 48% of America’s millennials have concluded, according to a new Harvard survey.
Sadly, these young pessimists are right; hard work is no longer enough to break kids out of poverty. Just 4% of people born into the poorest 20% of households rise to the richest 20% as adults.
Many Americans elected President Donald Trump hoping he would restore the American dream. After all, policymakers have tried — and failed — to boost economic mobility by promoting school choice, expanding college loan programs, increasing the minimum wage, and more.
These policy efforts come too late. Brain development in a child’s first five years predicts later educational outcomes and career prospects. Efforts to ease the climb up the economic ladder must focus on these years and promote innovative approaches to child and family policy, philanthropy, and social impact that are based on what works best for children and families.