What is the “American Dream” these days? Is it in danger?

The idea has been around for centuries, but in 1931 James Truslow Adams gave the American Dream its name and modern definition: “that dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement”. Make Adams’ language more gender inclusive, and it’s still a good working definition. But is it still relevant, even in a high cost-of-living area like Silicon Valley?