With even President Obama lamenting the loss of social mobility in America it now seems the majority of the American people no longer believe in the American Dream. According to a Bloomberg Poll the “land of opportunity” meme, long established irrespective of evidence, has finally been smothered by the realities of plutocracy.

The widening gap between rich and poor is eroding faith in the American dream. By almost two to one — 64 percent to 33 percent — Americans say the U.S. no longer offers everyone an equal chance to get ahead, according to a Bloomberg National Poll. And some say the government isn’t doing much to help.

Which is to say, despite the happy rhetoric from corporate politicians and the various jingly jangly distractions provided by the corporate media – the American people know they’ve been hosed.

The lack of faith is especially pronounced among those making less than $50,000 a year: By a 73 percent to 24 percent margin, they say the economy is unfair. Even 60 percent of those whose annual income is $100,000 or more bemoan the absence of a fair deal while 39 percent say everyone has an equal shot to advance.

So both those making above and below the average wage believe the economy is rigged. The only people who seem to think everything is working perfectly are Wall Street, or maybe that’s just PR and deep down they know it’s all a lie (if there is a “deep down” with them).

In any case, the public’s perception and opinion matches well with the evidence that the American economy is now primarily based not around production or value creation but rent-seeking. The rewards go to the most dastardly, the most craven, not those who work the hardest. This, combined with a meager estate tax, means the rich and their offspring are destined to dominate the country now and in the future.

They call it the American Dream for a reason, you have to be asleep to believe it.