The meaning of 'rise of fall as one'

the meaning of 'rise of fall as one'

The passage below comes from Obama's last address as the president.

https://www.nytimes.com/2017/01/10/us/politics/obama-farewell-address-speech.html

But they knew that democracy does require a basic sense of solidarity – the idea that for all our outward differences, we are all in this together; that we rise or fall as one.

In the above I'd like to make sure the meaning of underlined 'we rise or fall as one'.
That seems to mean Americans together succeed and fail as one.

Am I right?

Regards.