The American Dream Is Alive and Well | Opinion

The American spirit is frequently expressed through music and film. The classic theme song of Walt Disney's Pinocchio starts out, "When you wish upon a star, makes no difference who you are." The message of that iconic song conveyed something transcendent about the American Dream. It doesn't matter who you are or where you come from—anything is possible in the Land of Opportunity.

What is the American Dream?

It is the realest version of wishing upon a star. It is upward economic mobility. It is the assurance that if you work hard enough, you can provide for your family and achieve something of significance. The American Dream is built upon equality of opportunity, a color-blind society, representative democracy, and consent of the governed (the absence of a threatening, totalitarian government). There's something almost supernatural about America's incredible potential. It's more than just middle-class comfort. It's the chance to make it big; to beat the odds. It's supported by the legendary founding of our country—a tale of beating the odds and forging a new beginning unlike anything the world had ever before seen.

Has the American Dream disappeared like a childhood fairytale? Many millennials feel shut out of the American Dream as the rising costs of inflation have made home ownership unattainable.

In 1960, the average price of an American home cost $11,900 (or $123,320.18 when adjusted for inflation). Very few homes today could be purchased for as little as $123,000. What happened to the purchasing power of the dollar?

In 1971, the United States went off the gold standard and inflation began to soar. Inflation has outpaced wage growth, and younger generations must fight harder to attain what their parents were able to obtain so easily. According to the Pew Research Center, "The $4.03-an-hour rate recorded in January 1973 had the same purchasing power that $23.68 would today."

Beyond economic concerns, many Americans feel their civil liberties have eroded after the lockdowns and mandates of 2020. They feel disillusioned with this once great country, and worry that the best years are behind us. The growth of bureaucracy, regulation, and government overreach have endangered the American Dream. I think it is still alive, though, if we are willing to fight for it.

The American Dream is made possible by the following uniquely Western values, which many of us still hold dear:

—Freedom of speech

—The presumption of innocence

—The right to privacy

—The consent of the governed

—Equal protection under the law

—A color-blind society

—Property rights

—Informed consent

—Peaceful foreign policy

There is a broad, populist coalition working to preserve these precious American traditions. The Libertarian Party has joined forces with Defeat The Mandates and Bret Weinstein to launch a movement called "Defend The West." This coalition is focused on reversing the damage that was done by lockdowns, mandates, and attacks on free speech and medical freedom over the last few years.

On the economic side of things, enter Javier Milei—the Argentinian president and self-described anarcho-capitalist. When Milei took office, Argentina's inflation was 211 percent. In less than a year, Milei has slashed Argentina's government agencies in half and brought his country's inflation rate on food to zero. Milei takes his inspiration from famous economists like Ludwig von Mises and Murray Rothbard, who have a uniquely American, capitalist mindset, and believe government meddling and spending are what drives up inflation and crushes the American Dream.

If Javier Milei can turn things around in Argentina, there is hope for America. Libertarians here want to abolish wasteful and oppressive government agencies, lower taxes, end U.S. involvement in foreign conflicts, and restore the Western ideas that set America apart from the rest of the world. They are joined by a broad populist movement that includes Donald Trump, Vivek Ramaswamy, Chase Oliver, and Robert F. Kennedy, Jr. All of these candidates have pledged to slash government spending in order to save the economy, and they have all been watching Milei's success.

There is broad support for a revitalization of the American Dream. People are rejecting the totalitarian impulses of the past administration, and big government spending. They are ready to reclaim their futures. As Americans, we should prioritize freedom and economic mobility. These are the ideas that America was founded on, and what undergirds the broader values we all cherish in the Western world. Let's all work to protect the American Dream and preserve it for future generations by cutting back our run-away government, and returning power to the people.

Angela McArdle is chair of the Libertarian National Committee.

The views expressed in this article are the writer's own.