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Do individuals still embrace the American Dream? This enduring notion stands as an iconic pillar of the country’s identity, drawing millions of immigrants annually. Yet, a debate persists on whether the American Dream is thriving or waning in the minds of the populace. This paper seeks to descriptively scrutinize the American Dream by tracing the long-term trend in meritocratic belief over several decades. Furthermore, it explores the political implications of meritocratic belief by examining the relationship between meritocratic belief and anti-establishment sentiment. This paper finds that Americans’ meritocratic belief has increased over time, but the rate of increase is declining and subgroups display distinctive patterns. Moreover, the study finds a significant association between meritocratic beliefs and anti-establishment sentiment, indicating that individuals with lower meritocratic beliefs are more likely to be anti-establishment than those with higher meritocratic beliefs, all else being equal.