Revealed: Only 36% Of Americans Believe In The American Dream
Is the American Dream in decline? Was there ever an American Dream? A recent poll shows that only 36% of Americans today believe in the American Dream.
“That's why they call it the American Dream, because you have to be asleep to believe it.” - George Carlin
WSJ/NORC Poll Reports Only 36% Of Americans Believe In The American Dream Today
A WSJ/NORC poll conducted in October 2023 found that only 36% of Americans believe in the American Dream. There were a few questions that stood out.
One of the first statements people were asked to answer in the WSJ?NORC poll was what they thought about the economy.
Another statement people responded to was if they felt the economic and political system was stacked against them.
They were then asked what they thought about the American Dream.
An interesting data point was the age chart of those who answered the Wall Street Journal’s poll questions. The age of most of the respondents was in the 50-year or over range. That is still the primary cohort of people who read, listen to, or watch mainstream media.
Related:
Some Brief Thoughts On These Polling Questions
The fact that the largest sample size, when asked about the economy's strength, answered “not so good/poor net,” which ranged from 65 to 83 over the three-day polling period. That is a clear sign of economic concerns. Some simple ways that everyday people can measure the strength of the economy are by going to the grocery store, paying regular bills, and filling their cars with gas.
The next question shows that more people believe the economic and political systems are stacked against them. This is not a surprise for anyone aware that politicians have bought stocks only to become richer, and Congress gave themselves a $34,000 pay raise. The people in power that people have been told they are “public servants” continue to enrich themselves and increase their power.
The common people continue to experience inflation. People see that their wages cannot keep up with the rising cost of living. More people are learning about the threat of central banks and how central banks devalue the currency.
The American Dream was always just a nice-sounding slogan for Americans. At one time, it may have held more true. But today, it is becoming increasingly difficult for young people to purchase a home. It is becoming more difficult to get ahead. That is largely a result of number two.
It is also worth noting that most people in this poll’s age range. They were primarily between 50 and 65 years old. It is important to note this since those are the primary readers of the Wall Street Journal. The WSJ caters its content to how things have been compared to today. That is fine since it understands its target audience.
Now that most Americans, at least conducted by this poll, believe that the American Dream is dead, here is a look at a few critical things that have created the modern American Nightmare.
What Has Created The American Nightmare?
Central Banks
Central banking gives central bankers the power to dictate monetary policy. It also allows central banks to control the economy via Quantitative Easing (QE), Quantitative Tightening (QT), and setting interest rates.
Central banks then debase the currency. Currency devaluation is what is responsible for inflation. There would be no inflation if a currency were based on sound money. Debasing the currency is what gives power to central banks over the currency.
Central banks tell people to accept 2% inflation as normal. That is because, at two percent inflation, most people do not realize that currency debasement is slowly stealing from them.
NAFTA
The North Atlantic Free Trade Agreement (NAFTA) allowed large corporations to move overseas. This allowed the big companies to hire cheaper labor. The result was that Americans could purchase products made in China and elsewhere for cheap. Consequently, there is no longer any manufacturing in the United States.
NAFTA primarily affected working in three primary ways:
Production jobs were shipped abroad.
It allowed U.S. employees who worked for a U.S. employer in the United States to access lower wages with fewer benefits.
NAFTA has become the model for a global economy rather than a national economy.
NAFTA was the first in the beginning of making younger people compete globally for lower-paying jobs.
Global Competition
Young people no longer just keep against fellow Americans. They now must compete globally. That is true for applying to college, traditional jobs, and freelance work.
They are no longer just competing against their fellow Americans. People must now compete against people from around the world.
As there is more competition, it gives more power to the employer. They can find a candidate willing to work longer hours for less.
That means candidates who want to get paid what they are worth rarely will be able to. They must compromise on their compensation if they want to be employed.
Internships
Another problem is that employers can require job applicants to go through some type of internship. After their three to one-year internship, they can eliminate them and hire another person. That way, they never have to hire an actual employee. They can pay the intern less than an actual employee.
Gig Economy
The gig economy started around the early 2010s. One of the first gig companies to enter the gig economy was Uber. While taking Uber has some benefits, it is not a sustainable job.
It requires working long hours for poor pay. The Uber driver is then responsible for maintaining the car, paying for gas, and paying for their own car insurance. That is true of other gig jobs.
I did Grubhub to make extra money toward the end of graduate school. I would accept jobs that came up on the app.
Weak And Debased Dollar
The dollar has become weaker over time. This is a result of it going off of the gold standard. After the Federal Reserve was instituted, central banks could print as much money currency as they wanted. The result of money printing, Quantitative Easing (QE), is the dollar debasement.
Inflation and currency debasement are two sides of the same soaked sponge.
ZIRP
Zero Interest Rate Period (ZIRP) was that savings had zero percent interest rates for nearly a decade. The consequence was forcing the people with money to find somewhere else to invest it. People put their money into the stock market or real estate.
The problem was that young people did not have money or financial assets to purchase real estate or buy enough stocks to matter. It forced many young people to speculate in the stock market without understanding how it worked.
The consequences of ZIRP forced young investors to speculate in the stock market and other speculative assets to try to get ahead. Some of the speculative trades that were a consequence of ZIRP were:
Unprofitable tech and other companies
Start-up culture and investing in startups in the hope of getting rich quickly.
The meme stock phenomenon.
SPACs
IPOs’
Cryptocurrency
1db concisely summarizes the consequences of the Federal Reserve’s zero-interest rate policy:
“We are witnessing ZIRP’s unprecedented downside: it led investors to take on more risk to gain higher returns. This created a bubble of excessive speculation and leverage, which eventually had to burst. As the economy slows, companies will be forced to cut back on investments and lay off employees while speculators lick their wounds and investors endure losses into the foreseeable future. The Fed’s policy of keeping interest rates at zero for so long also led to a rise in inflation that has virtually squeezed out working families from being able to purchase a home. This is a dire state in American history.”
Solutions
Some solutions include learning about money. Currency is not money. It is an IOU that is owed to the central banks. Hold a certain percentage of your net worth in precious metals. Precious metals are a form of finance insurance. They are not meant to make you rich. Holding between five to twenty percent of your net worth in precious metals is recommended. It will vary depending on who you talk to, read, or listen to.
Start an online business. As a business owner, you sell products and services. Those are real assets. They are tangible compared to the stock market, cryptocurrencies, or SPAC.
With an online business, you must solve problems. It can be complex or simple problems. It could be people entertaining people. It could be teaching people the basics of personal finance. It could be helping people learn about self-development. It could be providing a highly technical skill that people want.
Some ways that someone can make money with an online business include:
Selling digital courses
Selling merch
Sell physical products like books on Amazon)
Summary
Many young Americans may be aware that there is a problem. They may not be able to realize why the American Dream is no longer a reality. These are just seven economic consequences that younger generations must deal with that make it more challenging to get ahead.
The American Dream has become the American Nightmare.
What do you think of the American Dream? Was there ever such a thing as the American Dream? How has the American Dream become the American Nightmare? Let us know in the comments below!