POLL: Do the people you know realize "The American Dream" is dead?

[RussRussman18]

Everyone on this forum pretty much recognizes that the "American Dream" is dead and gone. Our grandparents could work their way through college with little or no debt, get a job that paid enough where they could have a high standard of living and still be able to save/invest, buy a house early and pay it off fairly quickly, go on regular vacations, eat out frequently, and then retire comfortably at the end of it. Obviously (to us), this is no longer the case.

But even though the economy has done a 180 since that point, it seems that many younger people (<40) are in denial about it, desperately trying to live this same lifestyle they feel entitled to because their parents/grandparents had it (and going into massive debt to do it).

When you speak to friends and family about the economy, their career and standard of living, how many recognize the real state of the "American Dream", and how many are lying to themselves?

 

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[MJ DeMarco]

The American Dream isn't dead.

What's dead is the antiquated system they promote to obtain it (college, jobs, savings) and still continue to do so today. For someone who engages in a CENTS based Fastlane business, the dream is very much alive, and around the world. Obviously in the states, it is easier as we get to start on the 50 yard line, in other countries, they have to go the full length of the field.

 

[RussRussman18]

The American Dream isn't dead.

What's dead is the antiquated system they promote to obtain it (college, jobs, savings) and still continue to do so today. For someone who engages in a CENTS based Fastlane business, the dream is very much alive, and around the world. Obviously in the states, it is easier as we get to start on the 50 yard line, in other countries, they have to go the full length of the field.

Good point, guess I should have been more specific

 

[Kevin88660]

Everyone on this forum pretty much recognizes that the "American Dream" is dead and gone. Our grandparents could work their way through college with little or no debt, get a job that paid enough where they could have a high standard of living and still be able to save/invest, buy a house early and pay it off fairly quickly, go on regular vacations, eat out frequently, and then retire comfortably at the end of it. Obviously (to us), this is no longer the case.

But even though the economy has done a 180 since that point, it seems that many younger people (<40) are in denial about it, desperately trying to live this same lifestyle they feel entitled to because their parents/grandparents had it (and going into massive debt to do it).

When you speak to friends and family about the economy, their career and standard of living, how many recognize the real state of the "American Dream", and how many are lying to themselves?

Most people like to extrapolate based on previous 1-2 generations experience without any social science reasoning.

If you look at U.S. economic history from Roosevelt’s deal to 2008’s housing bubble burst, the period that U.S. middle class has the best time is an exception rather than a norm.

It is a lot of historical coincidence that piece up together. Decades of wealth accumulation by the states as well as individuals. All competing foreign industries decimated by war. The dollar as the reserve currency give the nation extra spending and borrowing power. Infrastructure development in the earlier part of 20th century paved way for future technological development.

It is just going back to the norm. Life is hard for most people, most of the time, in most parts of the world.

Follow the conventional way of getting a degree and then get a job will continue to yield ever declining return on investment.

This is compounded by technological disruption and work from home practice. If someone in Philippine or India can do your job your job will be over.

 

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[jdm667]

Don't forget about "dream inflation".

A century ago (1920), the average American home was 1,048 square feet.

8 years ago (2014), it was 2,657 square feet (x2.54).

Not only do you need more land to build such houses, but you need more raw materials and more labor hours, driving up prices drastically. You also need to pay higher insurance, utilities, and property taxes.

Someone should figure out how much of the increase is due to inflation and how much is due to increases in home size/living standards (houses in 1920 may not have had indoor plumbing, for example).

 

[MTF]

A century ago (1920), the average American home was 1,048 square feet.

LOL this means that most of Europe is at 1920 America's standards since I know very few people who have so much space. In fact, almost everyone my age lives in a place up to roughly 900 square feet at most.

I don't think I'll ever get why Americans "need" such big houses.

 

[Jobless]

Don't forget about "dream inflation".

A century ago (1920), the average American home was 1,048 square feet.

8 years ago (2014), it was 2,657 square feet (x2.54).

Not only do you need more land to build such houses, but you need more raw materials and more labor hours, driving up prices drastically. You also need to pay higher insurance, utilities, and property taxes.

Someone should figure out how much of the increase is due to inflation and how much is due to increases in home size/living standards (houses in 1920 may not have had indoor plumbing, for example).

It's the combination of this, and increasing wealth and income disparity that causes it.

 

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