Sayings take on different meanings over time for sure. Right now I would say that for people in other countries looking at America, "living the American dream" would mean that the US isn't bombing the USA so it would be a good place to live.
We have been known to bomb ourselves though, Waco Tx is one, Oklahoma City is another and the case has been made that 9/11 was a government bombing job to start the "war on terror" so while we aren't flying bombing runs on major US cities yet, that possibility isn't out out the realm of possibilities either.