3119 New ork E'tmcs Poll Do you think It Is possible to start out poor In this country, work hard and become rich? 100% POSSIBLE M 80 40 not POSSIBLE 20 o '96 '(I) '05 '10 '14 What do you think is the bigger problem In this country - over-regulation that may Interfere with economic growth or too little regulation that may create an unequal distribution o1 wealth? OVER-REGULATION 54% T00 um: REGULATION 38 N0 OPlNION a - 2014 is based on nationwide telephone and cellphone interviews conducted Dec. 4? with 1,006 adults. Do you think the economic system in the United States is basically fair, since all Americans have an equal opportunity to succeed, or basically unfair, since not all Americans have an equal opportunity to succeed? FAIR 52% UNFAIR 45 NO OPINION 4How much confidence do you have in ... Wall Street bankers and brokers? 4% 31% 29% 32% A LOT SOME NOT MUCH NONE the federal government's ability to regulate financial institutions? 9% 31% 34% 24% the financial institution where you do most of your banking? 44% 37% 9% 9%Many Feel the American Dream Is Out of Reach, Poll Shows By Andrew Ross Sorkin and Megan Thee-Brenan December 10, 2014 3:29 pm Related Links Document: Complete Poll Results Special Section: The Deal Cycle How the P011 Was Conducted Despite an improving economy and jobs picture, the public is more pessimistic than it was after the 2008 nancial crisis that it is possible to work hard and become rich, according to a New York Times poll. The poll, which explored Americans' opinions on a wide range of economic and nancial issues, found that only 64 percent of respondents said they still believed in the American dream, the lowest result in roughly two decades. Even near the depth of the nancial crisis in early 2009, 72 percent of Americans still believed that hard work could result in riches. \"Things have changed a lot,\" Michael Herdmann, a 54yearold retired public works employee from Fairview Park, Ohio, said in a followup interview. \"The decks have been stacked against not only the lower class but also the lower middle class.\" \"The modern-day politician has lost track of why the welfare programs were put in place,\" he added. \"They don't understand that part of the reason we help the poor to buy food was also to help fund the farmers. They have systemically reduced most of what was there to help the poor.\" hupsjidealbookmytimessomflo141' 12f10lmany-feel-Lheamerican-dremn-is-oulof-reachpollshows.' ?sn1id=plshare 114 The signicant drop in faith comes as the nation added 321,000 jobs last month and average hourly earnings for ordinary workers increased much more than expected. The economy is also being buoyed by a drop in oil prices, putting more money in the pockets of average Americans as the holiday season approaches. Notwithstanding the bleaker view of upward mobility, the majority of those polled said they were more concerned about the possibility that too much regulation in Washington could stymie the economy than they were about the prospect of inequality. Fifty-four percent of respondents said that \"over-regulation that may interfere with economic growth\" was a bigger problem than \"too little regulation that may create an unequal distribution of wealth.\" Only 38 percent said that too little regulation posed a bigger problem. That answer was particularly noteworthy given the persistent concerns among economists and politicians from both parties about a growing gap between the wealthiest Americans and the middle class. \"I don't know what you mean by an unequal distribution of wealth,\" said Robert Monti, a 74-year-old retired social studies teacher from Niagara Falls, N.Y., who identied himself as \"a registered Democrat but haven't voted Democrat in years.\" He said, \"It's a proven fact that everybody can't make the same amount of money, and it's a ridiculous assumption that they can. You'll never have economic equality. Ever.\" Still, the poll showed that a slim 52 percent majority of Americans think the country's economic system is fair, giving everyone an equal opportunity to succeed; 45 percent think it is unfair. Those with higher household incomes were more likely to believe the system is fair. The denition of \"rich\" appears to vary greatly. Twenty-six percent of respondents in the Northeast said that an annual income of $100,000 to $199,000 constituted a \"ric \"family. In the Midwest, 22 percent of respondents said a family earning less than $100,000 could be considered \"rich.\" Only 7 percent of Americans think a family of four needs a seven-gure annual household income to be considered rich. as :dealbooknytimes 30111120144'l2f1Ofmany-feel-ieramerican-dream-is-out-of-reaeh-pollshowsf?smid=pl-share 2J4 ISBIZZ, 11:48 AM Many Feel the American Dream Is Out of Reach, Poll Shows - The New York Times Almost half of Americans polled rated the nation's economy as good a 9 percentage-point improvement since a year ago. But a plurality think the economy is stagnating rather than improving or worsening, perhaps because most nearly six in 10 report their own household nancial situation as staying the same. More than three-quarters say they are concerned about having enough money for retirement, with those between the ages of 30 and 64 most concerned. Despite widespread gains by Republicans in the midterm elections, neither party appears to hold a signicant edge on its handling of the economy or job creation. Americans are divided along party lines, while independents think Republicans are more likely to do a better job on both, the poll showed. As the economy has improved, so too has Americans' view of the stock market. Some 70 percent of Americans view the stock market as \"risky,\" but that was down from 2008, when 79 percent said it was \"risky.\" Only a slim majority 52 percent thinks the stock market unfairly benets rich investors at the expense of average Americans. Still, almost six years after the height of the nancial crisis, Americans' wariness about the banking industry that was at its center remains. Only 4 percent of respondents said they had \"a lot\" of condence \"in Wall Street bankers and brokers,\" though 31 percent said they had \"some\" condence in Wall Street. Nonetheless, 44 percent said they trusted their own bank \"a lot,\" and 37 percent said they trusted their banks \"some.\" \"We are in a period of general distrust of institutions, and banks are in particularly weak position after the economic meltdown in 2008-2009, including congressional investigations and legislative actions,\" said Michael Traugott, a professor of political science at the University of Michigan. In explaining how Americans could distrust Wall Street yet trust their own bank, Professor Traugott said: \"Virtually everyone operates with a local bank (no one is keeping money under their mattress anymore), so they have to have greater faith in place where they have checking, savings and credit cards. And the system works for them in their daily lives.\" https:al'clealbum's]:.nytimes301114943141.r lZflOlmany-feel-mamerican-dream-is-out-of-reach-pollshowsf?smid=pl-share 3M That may be the case, but Americans are worried about the security of their accounts, especially online. Nearly nine in 10 Americans polled say they are concerned that their personal information - Social Security number, cellphone number or bank account numbers - might be stolen. Four in five are apprehensive about retailers' ability to keep their personal information secure when making purchases. That comes as huge retailers like Home Depot and Target have suffered hacking attacks. Two in five respondents said they had aborted an online purchase because of security concerns. The nationwide telephone poll was conducted Dec. 4 to 7 with 1,006 adults on landline and cellphones and has a margin of sampling error of plus or minus four percentage points. Marina Stefan contributed reporting. Poll Finds a More Bleak View of American Dream Despite an improving economy and jobs picture, the public is more pessimistic than it was after the 2008 financial crisis that it is possible to work hard and become rich, according to a New York Times poll. A version of this article appears in print on 12/11/2014, on page B1 of the NewYork edition with the headline: Many Feel American Dream Is Out of Reach, Poll Shows. 2017 The New York Times Company https://dealbook.nytimes.com/2014/12/10/many-feel-the-american-dream-is-out-of-reach-poll-shows/?smid=pl-share 4/4