Requiem for the American Dream begins by comparing the destitution of the Great Depression with current socioeconomic conditions. Chomsky recalls that the 1930s were characterized by poverty, yet people retained a sense of optimism for the future. Their belief in the American Dream—the idea that people can improve their socioeconomic conditions through hard work—carried them through difficult times. However, Chomsky observes that, due to the rise of neoliberalism in the last 30 years, the Dream is now truly dead: Deterioration of social mobility in the US is driving inequality to unprecedented extremes.

Chomsky notes that the 0.1% at the top, referred to as the super-wealthy, accumulated disproportionate amounts of riches because of the social and economic policies of the 1970s. These policies are undemocratic because they were implemented without general consent, resulting in the stagnating of real income and the waning of the middle class. The American Dream, which is predicated on the concept of social mobility, is largely both an ideal and a myth; while it might represent certain periods of US history, Chomsky concludes that it’s no longer anything short of an illusion.