As the boy ducked into a tailor shop, Hart recognized that this narrative was not exclusive to his “wonderful city”—it was one that could happen anywhere in, and only in, America. “A surge of shamefaced patriotism overwhelmed me,” Hart wrote in his memoir, Act One. “I might have been watching a victory parade on a flag-draped Fifth Avenue instead of the mean streets of a city slum. A feeling of patriotism, however, is not always limited to the feverish emotions called forth by war. It can sometimes be felt as profoundly and perhaps more truly at a moment such as this.”

Hart, like so many before and after him, was overcome by the power of the American Dream. As a people, we Americans are unique in having such a thing, a more or less Official National Dream. (There is no correspondingly stirring Canadian Dream or Slovakian Dream.) It is part of our charter—as articulated in the second sentence of the Declaration of Independence, in the famous bit about “certain unalienable Rights” that include “Life, Liberty and the pursuit of Happiness”—and it is what makes our country and our way of life attractive and magnetic to people in other lands.

But now fast-forward to the year 2009, the final Friday of January. The new president is surveying the dire economy he has been charged with righting—600,000 jobs lost in January alone, a gross domestic product that shrank 3.8 percent in the final quarter of 2008, the worst contraction in almost 30 years. Assessing these numbers, Barack Obama, a man who normally exudes hopefulness for a living, pronounces them a “continuing disaster for America’s working families,” a disaster that amounts to no less, he says, than “the American Dream in reverse.”

In reverse. Imagine this in terms of Hart’s life: out of the taxicab, back on the subway, back to the tenements, back to cramped cohabitation with Mom and Dad, back to gray mornings and the grim smell of actual want.

You probably don’t even have to imagine, for chances are that of late you have experienced some degree of reversal yourself, or at the very least have had friends or loved ones get laid off, lose their homes, or just find themselves forced to give up certain perks and amenities (restaurant meals, cable TV, salon haircuts) that were taken for granted as recently as a year ago.

These are tough times for the American Dream. As the safe routines of our lives have come undone, so has our characteristic optimism—not only our belief that the future is full of limitless possibility, but our faith that things will eventually return to normal, whatever “normal” was before the recession hit. There is even worry that the dream may be over—that we currently living Americans are the unfortunate ones who shall bear witness to that deflating moment in history when the promise of this country began to wither. This is the “sapping of confidence” that President Obama alluded to in his inaugural address, the “nagging fear that America’s decline is inevitable, and that the next generation must lower its sights.”

But let’s face it: If Moss Hart, like so many others, was able to rally from the depths of the Great Depression, then surely the viability of the American Dream isn’t in question. What needs to change is our expectation of what the dream promises—and our understanding of what that vague and promiscuously used term, “the American Dream,” is really supposed to mean.

In recent years, the term has often been interpreted to mean “making it big” or “striking it rich.” (As the cult of Brian De Palma’s Scarface has grown, so, disturbingly, has the number of people with a literal, celebratory read on its tagline: “He loved the American Dream. With a vengeance.”) Even when the phrase isn’t being used to describe the accumulation of great wealth, it’s frequently deployed to denote extreme success of some kind or other. Last year, I heard commentators say that Barack Obama achieved the American Dream by getting elected president, and that Philadelphia Phillies manager Charlie Manuel achieved the American Dream by leading his team to its first World Series title since 1980.