In the Wake of the Great Recession the American Dream Dies
“The American Dream is a crucial thread in this country’s tapestry, woven through politics, music and culture. Though the phrase has different meanings to different people, it suggests an underlying belief that hard work pays off and that the next generation will have a better life than the previous generation. But three years after the worst recession in almost a century, the American Dream now feels in jeopardy to many…” “Economic statistics validate those feelings. According to the Census Bureau, an average man working full time made 10 percent less money last year than he did a decade ago.” [Read full story at NPR – American Dream Faces Harsh New Reality]
“New economic research shows Americans are no longer as likely to make more than their parents did at the same age…The American dream is harder to attain than it used to be. People may have felt that for a long time. Now there’s a body of research to back that up. One definition of the American dream is that your children will make more money than you did. Now economists have charted the percentage of people who make more than their parents did at the same age, and the picture is striking…” (adjusted for inflation) If you were born in 1940, you had a 92% chance that you would make more money than your parents did, because of national economic growth. For those born in 1980 it has fallen to 50%. Besides changes in educational and industrial labor, the main economic reason most people are not out-earning their parents is that corporate productivity gains go disproportionately to the few people at the top. Income inequality between the poor and the rich is the main problem. [Read full story at NPR – Economists Chart ‘Index Of The American Dream‘]
“Income Inequality Impairs The American Dream of Upward Mobility.” [Read and Listen to the full story at NPR – Debate: Does Income Inequality Impair The American Dream?]
Like a phoenix we can rise from the ashes and co-create a new American Dream!