There are two versions of the American Dream – one a rising standard of living for all and the the other the ability to achieve success through hard work and talent. Which dream do you live?
It is downright dangerous to identify the American Dream with intergenerational mobility, with progress defined as the children of janitors and store clerks becoming lawyers or doctors or professors. The number of job openings for vocations that require little or no training beyond high school will continue to exceed job openings in elite professions. It would be a social disaster if many janitors and store clerks are overqualified for the work they do and resentful of the society that promised too few high-status jobs to too many ambitious citizens.
A nation in which most citizens are told that they can achieve anything they want and that if they fail to do so the fault is purely their own, will be a society with a majority of embittered failures. In contrast, one in which the standard of living goes up constantly over time, for the less educated and less able as well as the highly educated and talented, is likely to be a happier nation.
Needull in a haystack 
If there are too few high-status jobs in this country for the well-educated, perhaps they can spread the wealth by emigrating to other countries where their expertise and training are needed?