Analysis of Current Myth or Reality - Essay Example

? Section/# The American Dream: A Discussion and Analysis of Current Myth or Reality “The American Dream” isa term that is thrown around a great deal in the popular culture and is perennially referenced in movies and by politicians. For purposes of analysis and comparison, the American Dream will be defined within this essay as the belief and understanding that anyone, regardless of national origin and/or economic means, has the innate potential to further their own ends and accrue a level of wealth to such a degree that they can own their own home and realize a level of economic independence. As such, it is one of the defining means by which an identity of what it means to be American has been able to be formed throughout the generations of the nation’s history. For instance, James Truslow Adams in his 1931 book entitled The Epic of America first described the American dream in the following way: “The American Dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position” (Adams, 2001). As a function of understanding this quote and the appreciation for what America portends to offer, the reader can and should consider some of the contributing factors that have made the American Dream possible within the past. For purposes of this brief essay, the author will attempt to point the reader to some of the main reasons for why the American Dream is in dire straits; and ultimately in danger of becoming a mere figment of past memory. In short, the idea of working hard and lifting oneself from poverty to extreme wealth just remains a dream. One of the main reasons that placed the American Dream in the present endangered situation is the increasing economic inequality that was exhibited in the United States shortly after World War II. But, in the past three decades the rich are getting richer, while it is becoming increasingly expensive for the poor and the middle class to afford basic necessities. The wealthiest one percent of individuals own more than a third of the total wealth in the United States, making it increasingly difficult for shareholders within the lower classes to break free from the constraints that bind them to their realities. As the article in question referenced, the American dream is under assault from a litany of different areas. For instance, the author references the fact that the United States, and by extension the American dream, was ultimately able to achieve a degree of success due to the fact that it engendered an economic and environmental system that represented cheap, oftentimes free, land, limitless supplies of labor, and the benefit of having a hegemonic level of control over the rest of the world. Whereas it can definitively be stated that the availability of cheap land has all but dried up, the availability of cheap labor has significantly altered over the past several decades; with almost all cheap labor now being found within the developing world. Beyond just this, the reader should note the fact that the hegemony of the United States is something that is fundamentally in question. Whereas it is true that the United States remains the world’s preeminent military power, the dominance of the United States dollar as the currency of exchange is something that has elicited a further degree of debate than ever before. Ultimately, runaway levels of debt, profligate spending, and the uncertainty of global economics creates a situation in which the United States dollar faces a litany of threats; many of which are of its own doing. A secondary level of focus that is engaged within the article is with respect to the fact that a widening chasm of differential now exists between those who can be considered “rich” and those that are not. Whereas there is always been a differential within American society at this differential has oftentimes help to encourage individuals to engage their creative strengths in order to achieve a level of success, the ability to do so based solely upon one’s own efforts is now no longer assured. For instance, even though the article does not mention this, the rising costs of tuition and the exorbitant fees that a college education now engenders creates a situation through which only a moneyed class of relatively, or moderately, wealthy people can engage in higher education. As such, this serves as something of a quota with regards to the individuals who can hope to experience the American dream during their own lifetime. Further, from a more strictly economic standpoint, the reader should note the fact that individuals within the United States find their overall net worth, in real terms, necessarily decrease as compared to the generations preceding them. This creates a unique situation in which for the first time ever, the overall quality of life and wealth that the previous generation was able to enjoy will most likely not be reflected within their children. This relatively mundane realization helps to strike at the very core of what the American dream represents. As such, any changes with regards to the reality of the mechanisms through which individuals can better themselves and the ability of one generation to surpass the next which fundamentally impact on whether or not the American dream can be realized any further within the modern world. Another reason that hinders low and middle income individuals from climbing up the economic ladder is due to the high and unfair amount of taxes they have to pay compared to the high income groups. Former presidential contester and a multi-millionaire, Mitt Romney, acknowledged that he only pays 13.9% of his income as taxes. Compare this to the 30% of taxes that most middle class Americans pay. This makes us question the “equality to all” promised in the American dream. Another reason that the American Dream is currently suffering is due to the fact that the real estate market is in such complete and total disarray. Once upon a time, it was believed that the American Dream could be realized by working hard, saving, and investing in a home of one’s own. However, as the feet have fallen out from underneath the current real estate market as a result of the economic difficulties of 2007-2008, such a dream finds itself in dire jeopardy. Moreover, for those individuals that have already purchased their own homes and have saved and paid off their mortgages in the belief that such an investment would greatly benefit them in the future, they ultimately find themselves deluded and holding on to a house that is oftentimes worth far less than they paid for it. This strikes at the very core of the American Dream as it is has always been understood that regardless of economic factors, having a home that has been paid off represents the ultimate freedom and dream that everyone can and should ascribe to. A further cause for the ailing American Dream is with regards to the difficulties that exist between moving from the lower class to the middle or upper middle classes. Whereas class mobility has always been an aspect of the American Dream which has been touted as unique in all the world, the fact of the matter is that the level to which this mobility is possible within the current era is greatly reduced from what it was before. Part of the reason for this is the fact that our grandparent’s generation was able to go from having little to no education to becoming highly successful in a given field or trade. However, in order to even obtain a job as a secretary within the current era, it is necessary to have a minimum of a bachelor’s degree which does not come at a very low cost. Moreover, these educational requirements continue to cost more and more as the years go by; making it exceptionally difficult for those within the lower classes to pay for a college degree which will only provide them with a job that pays slightly better than minimum wage. Children are told that getting a college degree will land them a good job and that they can live the American dream. But many college graduates are disappointed by the fact that they cannot find proper jobs as soon as they finish college. In fact, 17 million college graduates do jobs that do not require a college degree. Unemployment numbers in the United States are at record highs. People who are willing to work hard and get a better life do not have the opportunity to do so. Finally, it can be understood that the regulations that exist upon small business is one reason why the lower and lower middle classes are unable to penetrate into a higher standard of living. As compared to the generation of our grandparents, the overall level of regulations that currently exist mean that it is increasingly difficult to break free from the lower or lower middle classes and operate a small business. From a brief understanding of the constraining factors and changing economic situation that currently defines the United States allows to reader to easily note some of the reasons why the American Dream is ailing. Instead, the points which have been made help to underscore the fact that the system, as it exists, makes it increasingly difficult for the American Dream to be realized for any member of society. Although there is still opportunity within the United States, the access to it and the equality of it have been severely limited. Moreover, due to the current economic realities and the difficulty that the recent generation has with regards to finding work, paying debt, and settling down to create a bright future for themselves or for their potential offspring, it is fair and understandable to state that the American Dream is all but a vestige of what it once was. References Adams, J. (2001). The epic of America. Safety Harbor, FL: Simon Publications. Economist Blogs (2013, September 21). Lexington: The American Dream, RIP? | The Economist. Retrieved November 12, 2013, from http://www.economist.com/news/united-states/21586581-economist-asks-provocative-questions-about-future-social-mobility-american Read More