Science Analyzed 'The American Dream' And The Data Shows It's Dying, But Not Dead

Submitted by: normalfreak2 3 months ago Lifestyle
CARLIN-quote-american-dream

This is another research-heavy article written by an expert in his field (economics) who is saying something very similar to what the economists and sociologists of the 30-year Millennial study in an article wrote yesterday. To summarize both articles, things are not getting financially better for the generations and the drop off started after the "Greatest Generation." To frame that for you, the youngest person from the Greatest Generation would be about 92 today.

An excerpt from David Leonhardt in the New York Times:

The phrase “American dream” was invented during the Great Depression. It comes from a popular 1931 book by the historian James Truslow Adams, who defined it as “that dream of a land in which life should be better and richer and fuller for everyone.”

In the decades that followed, the dream became a reality. Thanks to rapid, widely shared economic growth, nearly all children grew up to achieve the most basic definition of a better life — earning more money and enjoying higher living standards than their parents had.

These days, people are arguably more worried about the American dream than at any point since the Depression. But there has been no real measure of it, despite all of the data available. No one has known how many Americans are more affluent than their parents were — and how the number has changed.

w/b: @fancylad

There are 9 comments:
Male 264
I agree with you guys. Good work ethic, discipline and a budget gets the job done. Got that from my parents who got it from their parents. The grandparents came from the old country (Europe) and worked in the mines and steel mills. Their kids became tradesmen. My generation went to college.
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Male 2,402
World's full of people who will tell you you can't do something. Nobody ever sold a book called the power of negative thinking. Most of america lives hand to mouth no matter the salary. Just about anybody with a work ethic, self discipline, a budget and a plan can retire a millionaire. That's a fact.
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Male 6,189
@dromed Utter bullshit. Median household per state. The Median household income is in that list. It just so happens we have 70% of the population is lazy and incapable of having a good worth ethic self discipline and a budget? I don't buy it. i really don't
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Male 795
Oh, you'd be surprised. Most "pro" athletes are a good example. Most pro football players make, what, over 2 million a year? On a three-year contract, thats 6 million dollars that they just made. Yet, how many of them have been forced to retire due to injuries, or a scandal, or whatever, and were broke within a couple of years? Hell, I don't think I could spend 6 million in ten years! I might be able to manage it in thirty, or so. How do they do it? Poor budgeting. Here's another good example. My brother once overheard a guy having a conversation with someone where he works. The guy was talking about how hard it was for him to pay his bill every month, and keep food on the table. My brother knows what the guys drives (its a black guy, with one of those ridiculous-looking cars with huge wheels that probably cost $2000 each), and asks him why he doesn't sell his car, and get something a little more practical to drive. The guy looks at my brother like he's lost his mind for even suggesting such a thing, and tells him, "Are you crazy? I'm not going to have a car thats not nicer than my house!" Yeah, good work ethic, self discipline, and budgeting are mostly myths, these days. Hell, I've know a few people that the more money they make, the less they have!
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Male 3,995
@WhoSaidWhat: According to Sports Illustrated, CBS money watch, and USA today. 78% of former NFL players went bankrupt or suffered financial stress with in two years of retiring from the NFL.
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Male 3,995
In my opinion it's because our culture pushes us to throw money around when we have it. I also see people who don't know how to manage money, they don't make a monthly budgets and don't make saving money the first priority. I also see people make a lot of bad choices like using drugs and booze, and marrying people with out any prenuptial agreements. People also tend to just leave their money in banks instead of investing it.
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Male 795
My point exactly! How the hell do you go bankrupt within two years of retirement after making that much money?
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Male 2,402
Thank you. Wealth is 80% behavior, 20% knowledge.
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Male 2,402
Then you're stupid. But we already knew that. I did it. I'm 49. Never made a ton of money. I ask you...how much student loan debt do you have...your car payment? House payment? Do you use credit cards for emergencies? Debt is the most aggressively marketed thing in the country. People can't fathom a life without being in debt. But most people can't grasp the meaning of a simple two letter word...NO. Should I buy a new car after graduating from college with 100K in student loans? NO! Should I buy a house even though I have no down payment? NO! 88% of millionaires in this country are first generation. They did it themselves. And just to be clear a millionaire is somebody worth a million dollars.
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