Is the American Dream dead?

June 23, 2011

The American Dream lures people from all over the world, and it’s because of this possibility: If you come here and work hard, your kids will have a better life than you.

What if that weren’t true anymore?

Record debt, persistent joblessness, millions of underwater mortgages and a stock market that hasn’t gone anywhere in 10 years: For today’s kids who are entering the job market, it’s hardly a recipe for future success.

For parents who only want the best for their children, those prospects are like a wrenching pit in our stomachs. When such a central pillar of the American story is falling apart, frantic moms and dads hardly know what to think.

“My husband and I are terrified for our sons,” says Saideh Browne, a 40-year-old mom of two who heads up a speaker’s agency in New York City. “When they were born, we figured as long as we saved for college, they would be okay.

“But now, we can’t just tell them to go to school, get a good job, and retire at 65. We’ve had to rethink parenting, and it hasn’t been easy. We’re encouraging them to learn a trade, and hope it all works out before the economy tanks further.”

Browne is hardly alone in fretting about her children’s future. According to a new survey from Ipsos, sponsored by New York Life, only 41 percent of parents surveyed think that kids will have a better standard of living. It’s a major tectonic shift in our national belief system, but given the events of the past decade, it’s not that shocking.

“It’s part of a larger phenomenon, of a decline of faith in the American Dream,” says Anya Kamenetz, author of the books Generation Debt and DIY U. “Homeownership has taken a huge blow, people are questioning the value of a college education, and the idea that America will always be economically dominant is fading away. The assumption of an ever-increasing standard of living is no longer taken for granted.”

It isn’t just typical parental kvetching that’s driving those survey numbers; our fears are grounded in real-world data. According to recent figures from the Federal Reserve, household net worth declined by almost a quarter in just two years, fed by the Great Recession and the housing collapse.

For many parents, that roiling economy has led to some dramatic decisions. Pat Mitchell Worley is communications director at the Memphis Music Foundation, and to her, America’s economy isn’t just something theoretical: It’s affected her family in a highly personal way.

“My husband and I have elected not to have another child,” says Worley. “Our six-year-old is doing very well, and we’ve opted to get her involved with activities that will offer her capital in the future: Languages, arts, sports. We put away for her college fund, and encourage her interest in a multitude of things that may result in scholarship opportunities when she’s older.

“I often think about parents during the Great Depression, or other unstable times in history. We can only do the best we can, to prepare them for as much as possible.”

So what’s a worried parent to do? Of course individuals can’t shape macro issues like inflation or indebtedness. But on a personal level, parents can be proactive in giving their kids a leg up. The top four practices parents are adopting, according to the New York Life survey: Encouraging a well-paying career choice; talking openly about family finances; saving for their college education; and making sure their kids are taken care of, in case something happens to them.

An equally effective solution, though, may be for parents to rethink their expectations entirely. If you redefine the elements of success — beyond just salaries and the value of your portfolio — then the future doesn’t have to seem quite so dire.

“There’s little doubt this is going to be the first generation to not do as well materially as their parents,” says Kamenetz. “And for my own kids, I don’t necessarily expect them to be highly successful according to the old models. But hopefully I’ll instill them with values that will make them happier.”

Do you think your kids will have a higher standard of living than you?

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Comments

If we could get rid of this ungly divide in the US. Dem vs. Rep Lib vs. consv. There doesn’t have to be a class war. These dividing feelings are being driven by the corporate media. Lies, insults, and baseless fear mongering used to demonise those who have a different view is an regular an accepted thing today. What happened to just reporting the news and being truthful. Why soooo many lies??

I cry almost every day now. I haven’t lost my job yet but I know it’s coming. I’m 50 years old and I don’t know what will become of me if I can’t find another job.

If the Bush tax cuts had never been put into place, things would be so much better now. I would rather pay a little more tax and have a strong enonomy than to be unemployed and for the first time in my life, scared to death.

Posted by kittycreek | Report as abusive
 

The whole premise of the article is faulty: the average American isn’t intelligent nor hard-working so why should they expect a brighter future for their offspring? If the average American really cared about the future of American people they would be screaming at the top of their lungs for better education whatever the cost instead of accepting crap education as a trade-off for lower taxes

Posted by CDN_Rebel | Report as abusive
 

Without innovation in the United States we are probably doomed as well. This seemed to always be something that kept us afloat.
Not sure if this writer mentions that as well, but we as a nation are facing up to 4 developing super powers. Brazil, Russia, China, and India could perhaps dwarf us in many ways.
I don’t think it is enough to say we have the world’s biggest economy anymore with increased globalization, and having the best military might not be distinctive enough either. I think we as a nation are in a real pickle.

If the debt ceiling alone isn’t raised by August we could see this nations credit score reduced by either Moody or Standard and Poor..worse would be both. There are also just too many variables effecting this economy, and stability seems to have gone out the window.

Posted by Justsomeusguy | Report as abusive
 

I agree with CDN_Rebel, average American isn’t intelligent. If they were, they will be forming a third party independent of the greedy’s influence and money to drive their own Spring Revolution, but this is not happening. As long as one percent of these greedy will control the two mainstream political spectrums then yes American’s dream is dead. Another ten years of this miss management and America’s poor and middle class will have to eat their socks and under wares to survive.
Since cold war era, US spent trillion of dollars to stay on top of the pile. Yes they succeed to put Russia on their knees, but they are on the verge to do the same to themselves. US keep spending trillion of dollars by spreading military myth across the world using campaign of fears. At first, terrorist fears now the new born fear is cyber war challenging US supremacy. Ouch! Boys and girls get ready to dig deep in your pocket and as complement your first amendment is going into the drain. The greedy encourage government spending spree to secure their wealth. They are the same who fill the cash cow on the campaign trail. They call this investment. Most people believe to this phony democracy because they have the possibility to cast their ballot. Quite a petty. Yes, average American isn’t intelligent.

Posted by armonid | Report as abusive
 

The problem is that people actually believe that government is their friend not their master. They have given the “kings (politicians)” the power to rule them and enslave them through taxation. The smart parents will teach their children not to depend on the government for anything.

Posted by eschatology | Report as abusive
 

As a fairly recent UK graduate, your quote: “people are questioning the value of a college education” struck a chord with me. I think both the UK and the US are suffering from the same problem, in that education over the last few decades has been poor, and misdirected.

As an example, look at any of the employment schemes for higher level positions in large companies, e.g. major banks/accountancy firms etc. Application requirements for these junior positions are invariably along the lines of “2:1 degree in any discipline.”. Why does spending 4 years studying a degree in sports science make someone a better accountant? Why are only university graduates accepted, while there is no emphasis on skills actually relating to the job i.e. numerical degrees? For my generation, this has lead to the feeling that tertiary education is simply another hoop to be jumped through, people pick the subjects they like, but these subjects often do not have any relevance to their career choice. This results in an economy where large amounts of time and capital are spent on education, which does not assist in making labour more productive. The time and capital spent educating a young person in their degree does not see a return for the economy relative to the investment made.

By contrast, friends of mine in Germany spent their primary school years studying derivatives and differentiation in mathematics in primary school (aged 5-12, while this is studied optionally aged 17/18 in the UK), and they are encouraged to go into more vocational subjects in their tertiary education, rather than broad degrees.

Posted by KmacKenzie | Report as abusive
 

The comments of CDN and armonid are so extreme that almost don’t deserve comment. To day that Americans aren’t intelligent nor hard working fails on any close analysis. Are any of you using an iPHone, iPad, Microsoft product, etc? There certainly is intelligence in this country.

The average hours worked in the US also prove that Americans are hardworking. When I worked in Europe (in at least 4 different countries, over six years) I never saw people working into the night, weekends, holding second jobs. I NEVER saw university students working part-time during school years. NEVER!!

However, I completely agree with the premise that the American dream is over. Why? Because the USA is no longer a functioning democracy. That is a hard thing to say as a US citizen, but it is the most factual account of why the middle class is failing in this country. the USA is now an oligarchy where big money runs the political system. From mayors of major cities (NYC), to governors, senators, etc. the super rich are in complete control. The media is owned and fools the populace into believing that what is good for the rich is what is good for the country.

The US Senate is the critical power for the US oligarchy. It is here that hedge funds, billion dollar estates, the world’s largest corporations, and the wealthy elite make sure that their taxes stay low (or non-existant), that worker protection laws are foiled, that education, environment are scuttled for personal profits. The net worth of US Senators is at least 10x the net worth of the average American. Even Obama, a democrat, caters to this wealthy oligarchy: reducing the estate tax, maintaining Bush2 tax cuts, appointing corporate potentates to his cabinet, etc in order to pay for his re-election.

As long as US elections can be bought, there is very little hope that the US will ever be a democracy again. Year by year the US is looking more and more like France under the Bourbon kings.

Posted by Acetracy | Report as abusive
 

Though I am from India, I could connect with this piece of writing. It is true that America’s economy has withered due to the financial crisis.

HOWEVER, to assume that an average American citizen is far from being intelligent is entirely uncalled for. Americans, like any other race, are intelligent when imparted the right education and skill set. Nobody is a born economist.

Having said that, the fact that America’s future generation shall have a tough ride is again in the realm of speculation. No one knows for sure.

At least for now, have a positive school of thought.

Posted by lemonthoughts | Report as abusive
 

All this country needs to do is balance it’s budget. Close and seal our borders. Bring our troops home and keep them here! And bring OUR jobs back! It don’t take a rocket scientist to fiqure this out! HELLO??!

Posted by kickasdrummer | Report as abusive
 

As a newly entered immigrant into the US, I can attest to the vulnerability of many immigrants and perhaps others to the current economical conditions and lack of motivation in the US. The dream may be dead for those who lose hope easily, but its not dead for me and my husband who know very well why the American dream actually exists. It exists due to the way this country handles human and worker rights.
While the rest of the world suffers from lack of respect for workers and their rights, the US is among the few countries out there who give credit where its due. Thats how professional Americans work. They also support honesty in business dealings.
Yes the economical condition makes it difficult for people to find jobs, yes the quality of college education may be going down, but every age has its necessities. Currently, life in the US demands the following:
1. be hardworking, 2. be qualified in what you do, 3. be smart and 4. be ready to multitask and do the job of 2 people instead of 1 because no ones going to pay you for that anymore. But they WILL pay you for being able to get more than what an average person gets done.
Having experienced this first hand, I can safely say that the American dream may be dead for some who refuse to do the work of 2 men, but its currently kept alive by those who are like me and my husband. Hard times call for desperate measures.

Posted by lillafresh | Report as abusive
 

I’m British, but I think the American people will believe what they’re told to believe by the media. They should start to worry when the Chinese own Facebook, Microsoft and Google. When they own or lease an American city then you should really worry. Britain leased Hong Kong for 100 years – just in case you think it can’t happen. America isn’t broke…

Posted by Mike10613 | Report as abusive
 

I think the American dream has been dead for some time. Murdered by greedy politicians, the media, and banks – with the approval of citizens. I say let´s bury this dead dream and start all over.

Posted by saxmuntz | Report as abusive
 

There has been class warfare going on for decades. The wealthiest segment of society, represented by the large corporations have been waging class warfare on the middle and lower classes. They effectively own all three branches of government now. The rest of us have been sleeping.

Posted by Pclem | Report as abusive
 

Is the typical American intelligent? I would have to say that many are- and it is not because of the substandard education that is being given in our schools. It is because many of us have learned to question “why” and “how” on our own thinking. It is this critical thinking that makes one intelligent.

However- it is the media controlled by the mighty corporations & wealthy that has been turning brains to mush and the people to lemmings. These other people will believe anything that is told to them and will argue without anything to back them up. Those are the ones that lack the intelligence- and since it is the easy way for them- thats how they will be. It’s not only a lack of intelligence- its laziness.

It has been these people for the past many years that go out & scream “USA Number One…USA THE GREATEST” waving their flags and while the cheerleading was going on…… the other team has gone down the field three or four times going ahead by 4 touchdowns. Other countries have blown by us in many respects while we sat around patting ourselves on the back for our past greatness. We ned to wake up! Because Not only are our kids going to be any better off than we are- but I see that I am not better off than what my parents were.

If the dream can come back- people need to start thinking… and see the problems (yes oh media lemmings- there ARE many problems) with our country. And not only do we need to think, we must also act- and resolve.

Posted by dmoose | Report as abusive
 

The conditions that permitted America’s great post-wear economic growth were very unique and can not be repeated.
After 1945, the US had everything in its favor:
a stable democracy, a population tired of war and sacrifice, citizens extremely eager to work, virtually every natural resource needed was available domestically and was cheap, everything from oil and clean water to land and minerals. Plus the US had no economic competition: the Europe, Russia and Japan had all been blown to smithereens.

After half a century of wealth, today’syoung Americans the i-Phone generation – know nothing about hard work, struggle or ambition. Instead of unlimited resources the US is so indebteded it is moving ever closer to bankruptcy.

It is countries like China, who never had prosperity, who are now willing to work very hard to build the future. The US’s days of glory are behind us.

Posted by Anthonykovic | Report as abusive
 

It depends on the definition of “American dream”. As far as I can see it means “containing the world”. In this view the dream is more vivid than ever. American’s can find “US jobs” anywhere on this planet now – As a GI to Iraq, as an engineer in China, as a manager in India, and as a farmer in Afghanistan. Two of my ex coworkers found jobs in Shanghai after getting laid off. They are getting 15% raises every year. The key for the young generation is starting early. With all the teacher laid off in the continental US. China will provide the best affordable education. Things will become much easier when you think other countries as “states” of US – anything simpler than that?

Posted by Whatsgoingon | Report as abusive
 

I tire of the question.

Can people still dream and aspire to greatness? Yes.

Can we adapt to change? Yes.

Do circumstances define us? No.

Is the American dream dead? No! Ten thousand times, NO!

What can be said is that people let their circumstances define their dreams. Consequently, the set their goals too low. They try to fit into the frameworks of others rather than on what they know to be right, and they pay the consequences of failed dreams. They consume for themselves alone, and self consumption is not a dream … it is greed, and we’ve seen its results.

No … the American Dream is not dead. Nor is it uniquely American.

Posted by tomwinans | Report as abusive
 

Nice and saccharine, and nicely stupid. What a great way to white-wash an excellent story. Chris has all the talent of a woodpecker attacking a typewriter, and autospell is the only thing making it readable.

Oh, we’re in decline, so ‘suck it up.’ Great advice, as though anyone will have much of a choice to do otherwise. Any more advice Mr. Romero? Is the sun hot? Is the ice going to melt in my drink? I can’t wait for more uber-useful articles like this.

This is a great case in point of writers who are given an eye-opening headline, and then cash in on it with actual drivel in linguistic whoring. This is reason enough to stop reading Reuters.com today. Forever.

Posted by Demopoly | Report as abusive
 

Enough with the Republican Tax Cuts, as they are geared as Tax Cuts for the Rich. Tax the Rich back up to at least 35% so that the government can provide more services to prop up the “American Dream”.

Posted by KyuuAL | Report as abusive
 

Depends on the dream. The dream of study hard, work hard, work smart, take some chances and make your Dream – that dream has been severely downsized, exported, even outsourced, if not over.

Since around 1990, a new dream appeared. It’s study less, work less, borrow and spend to buy the Dream. While this dream, more like a fantasy, has been blown up in real life, millions still dream about it. They call it ‘recovery’.

Oh yes, democracy. It’s working just fine. Millions upon millions listened to big media and proceeded to vote and ordered their politicians to loan them the money to buy their Dreams. They did and you did. Democracy!

You get what you paid for. Even with borrowed money. Even the Greeks love it.

Posted by TomKi | Report as abusive
 

I think we need to rethink the American Dream and realize that the means of becoming financially stable here in America are shifting. One of the biggest problems of the last decade has been wage stagnation. Somewhere around 75% of Americans are at best moderately skilled workers, those who earn around $30000 to $50000 a year. The problem is that this range of skill and therefore income is becoming flooded; there are too many workers at this skill level to justify wage increases. Meanwhile, the highly skilled workers are receiving wage increases because they are in the minority and are therefore in much higher demand. This is straight from the Beige Book of the Federal Reserve.

A college education is absolutely a worth-while endeavor, but enough with the majors is liberal arts. I am as much a lover of the arts as anyone but we are falling behind in the fields of math and science. The market has spoken about the glut of home builders, it has spoken about the middle-income jobs connected to the home building industry and it has said the same about many middle-skill occupations. We have always wanted a free-market society. A self-proficient, capitalist system that rewarded hard work and due diligence. The problem is that a free-market system is self correcting and self-adjusting. This is a tidal change in America and we need to start listening and not marginalizing education for the sake of higher corporate profits (which is done to satisfy lobbyists and increase political donations on both sides of the isle). Education is the key to future success. The world knows this and we are falling behind.

Posted by thomasaw | Report as abusive
 

Americans, or so the ones that have actually lived here for the past 20 years or so, have bad memory and very bad judgement. They spent their lives on Facebook eating crap and believing everything the Media tells them, They have becomes the addicts of the “I want to be on TV” Commercialized Television, only for stupid and fake exposure. Things will only change when we choose a leader that’s committed to really improving this country, out lives, and our future. This Closeted Muslim Liberal has only worsen our country, and will continue to do so for he is not a real American, but a stooge of Muslims lands. American can’t see what’s exactly on their nose tip, all the see is what’s on Facebook, 16 & Pregnant, and oh yes, MTV! Go Ignorants!!!

Posted by WakeUpAmericans | Report as abusive
 

When all is said and done after the dust has settled at this point, two and a half years after the economic disaster, where did all of that wealth go?

Did the lower income and middle-class people who got evicted from their homes get the money? No. Did they get their homes? No.

Who got consumers’ down payments and monthly payments on their mortgages? Banks. Who has the homes that were repossessed? Banks. Who got trillions of dollars in zero interest loans from the Federal Reserve? Banks.

Who at the banks got this? The tellers? The money delivery men in the Brinks trucks? The people who sweep up their lobbies? No, no and no. Those people get paid a pittance. The CEOs, VPs and financial traders who misled everyone about the value of the financial instruments they were selling. That’s who got the money.

And now the CEO’s, vice presidents and financial traders tell us they don’t need to be regulated and are trying their best to keep the consumer protection agency that was created by Congress to protect American citizens from ever being launched. Now they’re rich while the most Americans are suffering. And so now they can buy up all of the stocks, companies and homes at bargain basement prices and concentrate America’s wealth in their hands even more.

Folks, we just saw the largest shift in wealth in American history. And it all went to the top. And it’s still going on as we speak. And now their puppets, the Republicans in Congress, are saying we have to cut trillions from the welfare, unemployment benefits, retirement benefits and healthcare benefits of the lower income and middle class Americans who have been hit the hardest by the recession these rich people caused and they’re not willing to ask millionaires and billionaires to pay one red cent more to help close the Federal deficit. And they’re willing to make the U.S. default on our debt, ruin our national credit and guarantee a very deep double dip recession to get their way.

How is this happening? Why are Americans letting them do this?

Posted by MrMiddle | Report as abusive
 

You write this article as if it’s a bad thing.

Posted by Goodwill2 | Report as abusive
 

Why do we call it a Dream? Americans pick and choose what kind of work they are willing to do which for 90% doesn’t include toiling in the sun or even a factory job, unless it pays $10 a hour. The average slob makes $3 a day in this world and is grateful. The average American can pick up a phone and dial 911 and expect better medical care in 10 minutes than most people can ever get under any circumstances no matter how long they wait, how far they travel or even how much money they have. There is absolutely nothing to whine about!

Posted by threeRivers | Report as abusive
 

Well the world of the smug, Puritan minded European stock, Protestant American of the past is crumbling before our eyes. And we have ourselves to thank for it too. Frankly, it is clear that whatever you may mean by it, the “American dream” is over, and not just for our children. Try an old age with a hostile Government trying to curry favor with the new majority here who exist largely outside of our system.

Don’t like to pay taxes? Just develop an underground banking system that bypasses all those nasty IRS reporting requirements. Get the money out of the country. Same with employment. Just go around the Government. Help yourselves to what they hand out and otherwise mind your own business and do not participate. We have many millions of people like this here, and they are not only taking over, they are more successful than we are. And they don’t pay trillions to other countries for no observable reason other than political payoffs.

Posted by txgadfly | Report as abusive
 

Our technology from companies such as Apple and Microsoft and Intel all comes from foreigners, and the bulk from abroad. Americans buy their products, use them in stupid ways, and get fat heads thinking they are anything but customers. Silly geese. But this is not because Americans cannot do the work. It is because Americans are not hired to do the work because our Government rewards doing it with foreigners. Americans do not know who is part of “us” and who is not. Silly, silly. No successful country has ever been unable to answer such a question. Nor a free country either.

Posted by txgadfly | Report as abusive
 

re comment from MrMiddle – brilliantly crafted comments, where do you see it all ending though? How can it be all undone, it sounds like the social fabric is just falling apart, inexorably.

Posted by KwiFromAfar | Report as abusive
 

When I was coming up there in many industries like manufacturing, music, agriculture etc. there as a ‘one for all and all for one’ mentality. People believed in what they were doing and were ready willing and able to work with and for others for the betterment of all. Now, as everything is commodified and monetized and the only goal is getting as much money as possible in the shortest possible time is it any wonder that the country and the world has gone spinning out of control like a mis-guided missile. As long as being really really rich is the dream we are in big trouble, as by definition only a few can be really rich. Thinking that because your house went up in value you have more money is a fantasy. Obvious problem: until you sell you don’t really have the money and if you do sell all the other houses are more expensive also. So have you really made a gain?

The only ones who benefited by the fantasy home value increase were the bankers and brokers who receive a percentage of every transaction they complete. What a racket! They didn’t even have to change the percentage to do great. Watch out for bankers and brokers who want to “help” you. Creative + financing = swindle

Posted by hughsbayou | Report as abusive
 

The only way our country has a chance at recovery is to vote for Dr. Ron Paul as President of the United States in 2012. He will work to restore us as the Constitutional Republic that we were always meant to be, the united States of America and not the corporate United State of America, Inc that we have become. If we don’t vote for him and get stuck with Obozo for another four years, we’ll be the United Socialist States of Amerika and trust me, no one wants to see that. We need to stop sending money all over the world. Deport the illegal aliens, bring back the outsourced jobs and make outsourcing illegal to do business from this country. We need to invest back in ourselves and into the technology sectors of business both software and hardware. We need to weaponize space with nuclear weapons, laser-based and particle-beam weapons and a anti-ballistic missile shield, laser-based shield and particle-beam shield over North and South America and over the both poles. We need to tell Russia, China and the rest of the world to pound sand and renege on any debts we “owe” them. It isn’t we the people that owe them. It the corporate government “United States of America, Inc” business that America has become that owes them and besides that we’ve paid these countries out enough now in foreign aid to have paid back all of those debts and then some. We need to remove ourselves from the UN and kick them out of our country. And, this is all just a start. Frankly, I’m sick to death of what this country has become and hopefully there are enough people who are like-minded that we will rise up together and take our country back. I would be happy to and consider it an honor to give up my own life for the cause. In the words of Patrick Henry, “Give me liberty or give me death.” So, who’s with me???

Posted by BillyT63 | Report as abusive
 

If the American isn’t dead it is comatose. Will we come back or will someone pull the plug?

Posted by coyotle | Report as abusive
 

We are Americans, we don’t give up and we don’t roll over. It’s Monday morning, time to go out there and reinvent ourselves.

If you are a new American, welcome aboard, we need you! We need you doing your best, we need your kids to be brought up with your version of the American Dream. Our country’s fiber is made of your tenacity and willpower to make a better life. So go and do it. Fail fast, fail often,but always get back up. That’s American.
CW

Posted by countyroad | Report as abusive
 

Things aren’t getting any better; healthcare should be more accessible. I haven’t been seeing a doctor for my stomach for over a year and if I’ll turn out to have a cancer symptom, etc, I’ll definitely go ECHR with results faxing report to them.

Posted by ta-boo | Report as abusive
 

The American Dream is not “Dead”, it’s only sleeping. Hey, it’s just a dream, don’t worry about it.
The road to success is paved with broken backs and bleeding knuckles, in short, Hard Work.
Even the cheaters have to work hard at what they do, and so if you all think that the American Dream is riding on the space ship like in Walle-E, that ain’t happening.
Of course the Dream is still alive, but it has never been for the weak and the lazy, no matter how smart (or educated) somebody is.

Posted by nieldevi | Report as abusive
 

CDN_Rebel: Most average Americans don’t always give a crap about Jersey Shore. Some of us actually care about issues! I’m trying to get as educated as I can on as many articles I can because I’m tired of getting screwed and I’m trying to understand more on life.

The American Dream may not be dead, but it’s not being helped by the failure of the Government, our last line of defense, to go after the bankers who broke the system in the first place!

Posted by tallicdeth | Report as abusive
 

It died in 1975….

the last year America had a trade surplus and Sam Walton listen to a whistle while you work song east of Seoul.

Remember what Lance Winslow wrote in that article “The Flow of Trade in a Global Economy”….

“Now let us look at Wal-Mart again; you buy a product there, 6% goes to the employees, 10-18% is profit to the company, 25% goes to other costs and 50% goes to re-stock or the cost of goods sold. Of the 50% about 20-25% goes to China, a guess, but you get the point. Now then, how long will it take at 433 Billion dollars at year for China to have all of our money, leaving no money flow for us to circulate? At a 17 Trillion dollar economy less than 40-years minus the 1/6 they buy from us. Some say that if we keep putting money into our economy, it would take forever, but if we do not then eventually all the money flow will go. If China buys our debt then eventually they own us, no need to worry about a war, they are buying America, due in part to our own mismanaged trade, so whose fault is that? Not necessarily China, as they are doing what’s in the best interests, and we should make sure that trade is not only free, but fair too.”

Think for a moment about George Washington….yes the man that is on the US dollar bill….How do you think George feels being sent overseas in return for all that foreign so-call cheap items and being left in a foreign bank because the American worker doesn’t make anything for the foreigners to buy. Cheap items didn’t make this great union of 50 states the greatest place on the face of this Earth…..the American worker (union and non-union) did.

You can’t have a strong country without having a strong currency and you can’t have a strong currency unless you keep it floating around within your 50 states. This is why the store with the star in the name puts 95% China made items in their stores in China….to keep their “yuan” in their country helping the nice people there. And with only 5% left for all the other 182 country’s that make stuff including the United States of America….that doesn’t produce very many jobs outside of China.

Being an old person myself and knowing how it was back in the 40′s, 50′s and 60′s in this union of 50 states….I look at George each time I pull him out of my billfold and make a promise to send him out for items made in America so after floating around helping each hand he touches just maybe one day he will shake mine again.

Fifteen cargo ships pollute as much as 760 million automobiles.

$9 billion a year in hidden taxes to all American taxpayers to clean fish from ballast tanks of ships…

think about all those facts the next time you pull that George out of your pocket….

Retail makes NOTHING…

Governments only make MORE DEBT…

It’s time for less of those two and for America to get back to what it does best….MAKE STUFF..

cause George Washington on that dollar can’t help anyone in the United States of America if he is being held in a foreign hand.

Made In America is the only way out of this mess cause foreign made put US here.

Posted by madmilker | Report as abusive
 

The American Dream has “evolved”, now it is to just survive. Only after 10 years of the lowest top tier tax rates in the history of this country and the concentrated greed and wealth has decided to completely do away with the Middle class, and to think, there are still Neocons out there screaming that TRICKLE DOWN, “VOODOO”, economics works. If so, where is the TRICKLE? Now any time somebody tries to get a raise or keep the benefits they have, companies argue that nobody else makes a living or has benefits, why should you? The TRICKLE DOWN theory is the biggest pipe dream of all. Deregulation has brought us $4.00/gallon gas and tripled the cost of living and there are those who think that is a good thing. Of course, the people who do, are not affected by such trivial costs.

Posted by Workingman71 | Report as abusive
 

WE have too much debt and the cost of living is so high! From 1980s to 2011 stealth inflation aka the cost of living has gone up like 600% and wages adjusted for inflation have been the same for the past 50 years. This is because we are the worlds reserve currency and we need to be indebt to create money for the rest of the worlds economy. Read about Triffins Dilemma and Bretton Woods this is the source of our problems.

Posted by erikcorr | Report as abusive
 

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