What it is all really about for me is realizing that we are part of the first generation in America that does not expect to and probably won't do better than our parents. It's about taking a step down, and that is a feeling that is terrifying. The American dream has always been about progress and about going up and up -- but we are not making as much money as our parents, and maybe we are a little bit less educated than our parents. We are not achieving the milestones of adulthood at the same time that they did.
Of course, the situation for college grads is a hell of a lot better than it is for the young adults out of the working class; but that just means most everyone under the age of 35 is, at best, in a moderately shitty position.
Not that there aren't some spectacular displays of classist and racist ignorance:
In America, there are no people living on a dollar a day. Even homeless people on the streets in New York are better off than people in Mali.