Americans lose faith in 'American Dream'

However, three years after the worst economic crisis in almost a century and the American Dream is in jeopardy. In fact, many believe the American Dream no longer exists.

When President Obama took his oath of office, he described his inauguration, as a fulfillment of the American Dream, but now his challenge and for other politicians remains to convince Americans that the phrase still applies. There is nationwide skepticism, especially among the poor.

The Pew Research Center says lower income whites and lower income African-Americans are more skeptical about the American Dream. Economic statistics validate those feelings. According to the Census Bureau, an average person working full time made 10 percent less money last year than he did a decade ago.

One of the main indications the American Dream is fading is the idea of home ownership where according to the National Association of Realtors housing prices are more affordable than any time in the past four decades. However, the economy and the tightened lending market have all but removed the possibility of home ownership for some. Bloomberg reports the percentage of people who think of a home as a safe investment has dropped to just 64 percent.

While the dream is fading overall, perhaps the least optimistic about the American Dream happen to be the younger generation who are going off to college, receiving degrees, but find themselves with no job opportunities and with tens of thousands of dollars in debt.