We're told we're in the "greatest economy ever". Just look at the S&P 500, it's booming like never before, while other world economies are failing. But that's just an illusory boom and bubble, as I mentioned last week. American families are struggling with debt and savings.
According to a study by the Massachusetts Mutual Life Insurance Company (MassMutual), over 80% of American families view the "American Dream" as financial security and homeownership. If you can pay the bills and you have your own home, then you're living it up. Yet 1/3 of Americans don't think the dream can be attained anymore.
With the middle class nearly gone, the bottom 90% of Americans have a hard time getting by and have amassed debt that they will have a hard time getting out of. This includes auto loans, credit card debts, payday loans, and student loans. Savings aren't something most have much of either, with only 25% of families having enough savings to cover more than six months of expenses.
The age of American supremacy in standards of living and quality of life is better relegated to the Golden age of the past, after World War II and the four financial woes of the 1980s. Manufacturing boomed across the nation and the middle class rose to be the majority. But the great times of the American Empire and "American Dream" is fading away.
Gone are the white picket fences. The "American Dream" is just that: a dream. You only believe in it if you're alseep, mind controlled by government propaganda and mainstream media, or are too high, drunk or mesmerized by all the entertainment that turns you into a thoughtless zombie.
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The time of the greatest economy ever was then, during the World War II economic expansion. The husband worked while the wife stayed at home raising children, being able to buy a home, car and live out the "American Dream" with 1 job without going into huge debt. Now, Americans have too much debt, that's why a third believe the "American Dream" is gone as they can't get the financial security that's at the core of the dream.
Mike Fanning, head of MassMutual U.S said:
"Americans believe financial security is at the core of the American Dream, but it is alarming that so many think it is beyond their reach. It is clear that people are taking steps to help secure their financial future and dreams, and more can be done to help to keep the American Dream alive. Starting earlier appears to be part of the solution as ‘not starting early enough’ was the top financial regret across all consumer groups."
In the study, 64% of those surveyed said they have a mortgage, 56% said they have credit card debt, 26% have student loans, with most not feeling financially secure. The fading dream correlated well with the rise in debt, with $1 trillion in credit card debt, $1.5 trillion in student loans, $1.1 trillion in auto loans, and $15 trillion in outstanding mortgage debt.
Being stuck on owning a home or car has many people unable to pay off their debts. People are buying things they can't afford because the dream or fantasy is pulling or driving them to do so. It's all a mindfuck that prevents them from living within their means and failing to reach financial independence.
Only 18% of Americans have a months worth of savings for expenses in an emergency, with 26% having 1-3 months worth, and 21% have 3-6 months worth of savings.
With many Americans unemployed, there is a lot of hopelessnses and concern for the future. And they should be. The fable of the present "greatest economy ever" is going to rear it's head and show itself for what it is: a monstrous farce. It will plunge even more people into poverty than before. The so-called "Great Recession" after the last economic bust in 2008-2009 is going minor compared to what likely comes next.
Each person should redefine their dream to mean what they can live with according to their means, and not having to keep up with the Jones' to feel like you have a comfortable and meaningful life. The "American Dream" was just an image sold to the masses. Those who bought into the fantasy are the ones who fight to try to get it and put themselves into debt because they aren't living in the new reality of how things work. Maybe it can get better, but maybe the empire is dying for good.
References:
- The American Dream Has Vanished In The "Greatest Economy Ever"
- Was it only just a dream? 1 out of 3 Americans believe the American Dream could be disappearing
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