Archive | 2:26 am

The American Dream is Dead! (mostly)

26 Feb

 

 

According to a recent Harvard poll, just about half of all American millennials say that the American dream is dead! Actually 48% said it was dead and 49% said it was still alive… with 3% left among the undead I suppose?

For those who don’t do a lot of dreaming anymore the American Dream is the age old belief that in a society of freedom and opportunity (like here in the USA)  every US citizen should be equal in their ability to achieve success and prosperity through hard work, determination, and initiative…regardless of ones social class or circumstances of birth.

But today in the 21st century Millennials owe over 1 trillion dollars in unpaid student loans, a far cry from their grandparents who went to college for free under the GI Bill and their parents who could pay their tuition with a summer job.

And they owe it mostly to a  U.S. government that owes 18 trillion dollars itself! Neither of which are very good signs that the “Dream” will be awakening from its coma and coming off life support any time soon.

Plus, home ownership in America, (another staple of the American Dream) is down, especially for Millennials,…And the median American household income, when a Baby Boomer is the head of household, is 20 times greater than when the household is headed by a Millennial…and the promise of doing better than the generation before you (also part of the dream) is now more hope than promise.

So achieving the American dream still involves one’s self achievement, determination and initiative and while Millennials are still graduating from college and still determined to be successful and still believe in family and home ownership, just like the generations of Americans before them,  it’s now costing a lot more and being financed with debt and not income.

But money is the stuff dreams are made of and debt is definitely not dreamy!… Unless one dreams of not having to pay it back…So where did all of the money go? And who’s responsible for killing the American Dream and why are they doing it? Or is life just the stuff dreams are made of…all hope and little promise?

As the new millennium continues, I guess we shall see…but so far many Millennials are not looking forward to what may be a rude awakening.

 

GRACEFIFTEENTEN

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