Most Californians don't believe in the American Dream, study shows
SACRAMENTO — On this New Year's Eve, most Californians don't believe in the American Dream, according to a new study published by the Public Policy Institute of California (PPIC).
Despite the ominous report, people came together in a show of optimism on New Year's Eve in California's capital region.
I criss-crossed Sacramento asking people to share their 2025 expectations and whether things will be better or worse financially.
"Always hopeful," Larry Estes said.
"It's going to be working on that nest egg, rebuilding the nest egg," Adam Kern said.
"Ohhh, yeah, it's been rough," Michelle Shankle said.
Shankle said that 2024 has been so bad for her that she's cut back on entertainment — and eating.
"Day to day, just food, everything is just going up. Gas, everything," Shankle said.
Estes is a rodeo cowboy, a survivor. He's never had a broken bone.
"Sprains, bumps, and bruises, but that's about it," Estes said.
"That's like what a lot of people say about their pocketbooks," I said.
"Yeah, especially now," Estes said.
According to the PPIC, half of Californians expect bad times ahead over the next year.
When asked about their personal financial situations for 2025, 52% of Californians expect it to be the same as 2024, while 27% expect to be better off and 21% expect to be worse off.
California currently has the second-highest unemployment rate in the nation. Only Nevada's is higher.
