Why The American Dream is unattainable? James Truslow Adams coined the American Dream in his best-selling 1931 book Epic of America. He believed in a land where everyone had the opportunity to be better.
Every American has, at some stage in their existence, aspired to live the American dream. Despite this, the ideal has consistently appeared elusive and unattainable, a belief numerous Americans have maintained.
The expression “American Dream” has historically evoked thoughts of affluence and financial success.
Nonetheless, rising inflation and widespread consumer debt make it appear more difficult than ever to amass wealth.
This has prompted the American people to redefine success. Why is the American Dream unattainable? Let’s find out.
Why The American Dream is Unattainable
The prevailing income disparity in the nation is the primary reason “the American Dream” is unattainable for all citizens, irrespective of race. There are now a more significant number of jobs that require education beyond secondary school.
Higher education costs have increased considerably more rapidly than the average American income, which severely harms the middle class. This will significantly impede the ability of individuals from low-income families to attend college.
The American Dream
Dad earns a living, Mom prepares supper, the family saves money, and each child attends college. The American Dream is always manifested in such a story.
This narrative aided in the development of the lives of a significant number of white middle-class baby boomers as they were growing up.
The American public favored having stable employment and the assurance that they would not have to fret too much about their finances. A secure retirement was in exchange for the daily labor.
Several generations have narrated this tale, which contains a fundamental formula for achievement.
By working diligently and saving money yourself, you might be able to equip your children with the necessary skills to do the same.
The objective of one generation is golf, and the cycle will commence again for the succeeding generation. In great detail, the Declaration of Independence describes the American dream.
It asserts the equality of all individuals and enumerates the optimal circumstances—democracy, freedom, rights, and equality—under which each person has an equivalent opportunity to achieve their life objectives.
The American Dream no longer exists in its proper form. Achieving comfort and tranquility is no longer the objective. At present, the objectives are adventure, gratification, and public spectacle.
Leaving a desk and office and doing significant tasks while appreciating the present moment and being at ease is the new American Dream. And we ought to inform everyone about it.
However, the majority of individuals find this new objective to be equally unattainable as the previous one.
A significant portion of the youth population lacks knowledge regarding financial products, which traps them in a recurring pattern of exorbitant interest rates and delinquent payments.
Academic debt that is not repayable shortly affects over 44 million individuals in the United States. Many of the thirteen million individuals who hold multiple jobs do not have fixed hours or pay.
The service industry employs sixteen million individuals. The majority of Americans have no retirement resources, with half of them having none at all.
Change of Tune in the American Dream
Our position as individuals caught between our parents and children is fraught with the cruel truth.
That there is no assurance of a prosperous future, no sense of safety, and a voyeuristic public culture regarding the affluent.
Another group pleads, “Please refrain from living in this manner. Instead, pursue a bachelor’s degree; it is essential for success. Establish one’s family in a secure locality. Be employed in a place that suits you well.
Maintain financial responsibility by avoiding unnecessary expenditures.” Although this guidance is sound and practical, it is impolite and antiquated.
The American Dream has changed significantly. One category of individuals is influencers. There are automobiles, beaches, money, and attractive people enjoying delectable cuisine. Experience everywhere. Despite this, that objective remains a pipe fantasy for most individuals.
According to a recent GoDaddy study, the American Dream was defined by over a thousand small business proprietors in the United States.
54% of those individuals defined it as “living a happy existence,” while 49% defined it as “the liberty to pursue my passions.”
Approximately 56% desired to earn sufficient income to maintain a “pleasing lifestyle.” However, most respondents indicated that their interpretation has evolved since their youth.
GoDaddy’s chief marketing officer, Fara Howard, tells CNBC Make It that the American Dream is evolving, according to small business proprietors.
“The economy has made it more difficult for individuals to purchase a property, particularly members of Generation Z.”
Simultaneously, the Great Resignation and the pandemic have increased the value that many individuals place on being their employer. Most importantly, having greater comfort, freedom, and flexibility.
People frequently use small business proprietors as a litmus test for the American Dream. This is given that some entrepreneurs view entrepreneurship as a means to advance their careers.
Present-day small business proprietors are predominantly millennials and members of Generation Z.
Two cohorts that have become increasingly vocal in their desire to pursue independent lifestyles in recent times.
According to a recent Apartment List survey, some millennials intend to rent indefinitely due to the “exorbitant” cost of purchasing. This percentage was only 13% in 2010, but it has since doubled.
Due to developments such as “the big quit” and “quiet quitting,” some Americans have gained greater autonomy over their professional lives. For instance, they have successfully requested additional leisure time and flexible work schedules.
Despite evolving conceptions of the American Dream, respondents to the study reported that access to affordable health care, technology, and education remain obstacles. However, most are “extremely certain” that they will achieve their objectives during their lifetimes.
Howard stated that when American small business owners discuss the American Dream, they consider more than just an increase in revenue and sales. “Currently, it is more about work-life balance, enjoyment, freedom, and a sense of belonging.”
The Unattainable American Dream
Here’s why the American Dream has proven to be unattainable;
- Changing Global Economy of the World
A significant obstacle to realizing the American ideal is the enormous age difference between those who remember the philosophy and those who are alive today.
Secondary school students are no longer permitted to work part-time jobs to finance a portion of their college expenses.
Despite the alarmingly rapid increases in inflation and the expense of living, the national minimum wage has remained stagnant (Rubin, 2014). Summer labor was a viable option for college funding a few years ago. That is currently not feasible.
- The Gig Economy
Our emphasis has always been on stable employment. Not too long ago, we held a single position, enjoyed generous benefits, and ascended the corporate ladder gradually.
Organizations assisted employees in establishing structured retirement plans, and employees received the anticipated salary increases.
The contingent worker has emerged as a cultural reaction to the erosion of employment stability. The compensation for gig laborers varies by employer but is contingent on the performance of various temporary tasks.
From food delivery to driving for Uber, these are occupations of every kind. While some positions require no special abilities, others simply demand time.
These positions lack a social safety net and health insurance benefits, and the work is erratic and reactionary.
Further, many individuals are forced to choose between providing for their families and paying the rent due to their lack of savings and uncertainty regarding employment status.
We have defended contract work because its flexible structure grants individuals greater autonomy over their timetables. The reality is that it is a precarious form of employment that complicates daily planning.
It’s a triple-whammy spin cycle when finances are tight, circumstances remain unchanged, and escape plans are futile.
- Low-relative Social Mobility
Contrary to what many believe, the United States is not the “country of possibility.” It isn’t easy to advance in society in the United States.
This increases the likelihood that a child from a low-income family will advance economically as an adult.
This is considerably lower in the United States compared to most European nations. In addition to having a distinctive welfare state, the United States has fewer workers enrolled in unions and beneficiaries of social security than most developed nations.
The US relies on consumer loans to fulfill its financial obligations, whereas individuals in other developed nations receive assistance via social insurance programs.
- Wealth Inequality Throughout America
The unequal distribution of wealth in the US has made it exceedingly difficult for individuals to escape poverty.
White people find it challenging to attain the American dream, while it is nearly impossible for people of color to live above their average living standards due to inequality.
The inability of people of color to achieve the American ideal is due to systemic racism and excessive poverty in the US. Systemic racism encompasses practices such as redlining and employment discrimination.
A considerable number of Americans believe the system is inherently unjust. The widening disparity between educational attainment and academic achievement is a significant contributor to income inequality.
Despite the constant escalation in educational expenses, income levels have remained stable. The poor continue to fall further and further behind, whereas the wealthy become wealthier.
They can send their children to prestigious schools, which aids them in obtaining better employment.
Due to the systemic design that maintains individuals in poverty, escaping poverty is unattainable for the impoverished.
Conclusion
Why The American Dream is unattainable? When someone mentions “the American Dream,” you probably recollect an incident from elementary school.
In the third grade, we learned that individuals immigrated to the United States to pursue “the American Dream.” We imagined a husband and wife residing in a modest, unadorned suburban residence with two or three children and possibly a dog.
Numerous job seekers consider The American ideal a pipe dream, and for many, it remains unattainable. This is due to the unique combination of cultural, social, and economic forces that influence and determine life outcomes, not because they are terrible people.
