Article summary: The diminishing American dream

Hellen Harleston

Course: 17UR BAF101 Personal Finance (W01)

July 17, 2017

 Article summary: The diminishing American dream

An article by [ CITATION Ric14 \l 1033 ] highlighting seven key indicators of how the

American dream has lost its meaning since most of the Americans are not able to afford an easy

retirement. The article highlights that a recent poll showed that more than 50% of the pooed

citizens said that they no longer believed in the American debate. Most of the people said that

there are no longer means and ways to make them achieve living the American dream. According

to the author, the main elements of the American dream, which are the living wage, security at

retirement as well as the chance for their children to move ahead in life, are no longer present

except for the wealthy in the society.

The author highlights seven indictors of the dying American dream. These signs include

that most of the people are not able to get ahead financially as there is almost no growth in the

incomes for the working people. Secondly, the reliance on one persons income is gone and the

era of the stay at home parent is no longer viable since the families are also struggling to make

their ends meet due to increase in costs and stagnation of wages. Thirdly, the level of debt among

the population is on the increase except for the rich, whose incomes are far much above their

expenditures. The low and income earners have no choice but to depend on debt to make their

ends meet. Fourth, the young youths are crippled down by student loan debts, which threaten

their future. The fifth reason is that vacations are no longer affordable. The nest reason is the

increasing cost of health care. Finally, the Americans are no longer able to look forward to a

secured retirement as the pension plans that guaranteed an income after retirement is no longer

available.

I concur with this articles view on the dwindling acceptance and viability of the

American dream. We are living in a different economic condition where the retirement planning
and the financing of the social welfare are no longer a duty of the state or the corporation but

have shifted to the individual employees to finance their own retirement while they are still

working. The youths and the middle class are accumulating high debt from when they are in

college and the credit cards to finance their private and recurring expenditures.
Reference

Eskow, R. (2014, october 22). 7 Facts That Show the American Dream Is Dead. Retrieved from

http://www.alternet.org/economy/7-facts-show-american-dream-dead