lucid dreams are much more fun

I believe the American dream breaks down into two perspectives. In the first perspective, (the view from the top) the American dream is just, well, a dream. Wait, no, not a dream, a tool. A tool used by the government and/or the ruling elite to make social classes of lesser wealth work harder than necessary in hopes of one day being at the top, or just closer to it. This propaganda was used to create a false sense of hope, all in an effort to keep others out of the game. You see, this game requires high admission and a brand new pair of sparkling Tiffany's cuff links, which the general public usually does not own, rent maybe, or loan, but definitely not own.
For the second perspective, this dream is a sort of faith that eventually one's social and economic situation will be more advantageous than it is at the present. In this respect, the hope that should come along with the 'myth' works as one might think; people believe it, then work for it, and are able to enjoy their rewards. Now, their rewards might not compare to the glamour of the elite, either way, the people are enjoying the outcome of their hard work. Of course, this idea does not always break down cleanly. Some people never get to enjoy their hard work. These instances are terribly unfortunate, but it happens.
So, what is the American dream? Well, in the pluralist nation of America, the dream is subjective. Interpret it as it applies to your situation. Use it as you see fit.