Close to 60% of Americans believe the American Dream is dead or out of reach

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kingblaze84
kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
http://money.cnn.com/2014/06/04/news/economy/american-dream/index.html

⦁ So say nearly 6 in 10 people who responded to CNNMoney's American Dream Poll, conducted by ⦁ ORC International. They feel the dream -- however they define it -- is out of reach.
⦁ Young adults, age 18 to 34, are most likely to feel the dream is unattainable, with 63% saying it's impossible. This age group has suffered in the wake of the Great Recession, finding it hard to get good jobs.
⦁ Younger Americans are a cause of great concern. Many respondents said they are worried about the next generation's ability to prosper.
⦁ Some 63% of all Americans said most children in the U.S. won't be better off than their parents. This dour view comes despite most respondents, 54%, feeling they are better off than their own parents.



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  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
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    continued from the article

    The pessimism is reflective of the financial realities a lot of families are facing," said Erin Currier, the director of the Economic Mobility Project at Pew Charitable Trusts. "They are treading water, but their income is not translating into solid financial security."
    ⦁ The vast majority of Americans have higher incomes than their parents, but that's in large part because most families have two earners now, she said. Only half have more wealth, she said. Meanwhile, the savings rate is low and unemployment is high. College costs are rising faster than inflation and student loan debt is exploding.

    --Damn even I didn't think things were this bad for the avg person, it's tough out there
  • Melqart
    Melqart Guests, Members Posts: 3,679 ✭✭✭✭✭
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    Technologically were wayy ahead of our predecessors, but economically? Not even close.

    We're watching the slow motion collapse of the White imperialist economic structure. There's no way the economic balance is ever going to be skewed that way again. Unless there's major war. Which is always a possibility.

    We're simply being exposed to the natural balancing of economic equilibrium , which had been entirely swayed for way too long. Bad for us & Europe, good for the rest of the world.
  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
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    Makes sense what you say Menroe....
  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    edited June 2014
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    It's still sad to see America sink like this though. My mom just yesterday was telling me about the days when she could find 3 bedroom apartments in NYC for 500 bucks a month. She lived in Rhode Island before and she paid $300 a month for an apartment there, and she made about $35k a year then. It's nothing like that in most places anymore smh.....
  • Melqart
    Melqart Guests, Members Posts: 3,679 ✭✭✭✭✭
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    It's still sad to see America sink like this though. My mom just yesterday was telling me about the days when she could find 3 bedroom apartments in NYC for 500 bucks a month. She lived in Rhode Island before and she paid $300 a month for an apartment there, and she made about $35k a year then. It's nothing like that in most places anymore smh.....

    yea, the thing is those benefits were at the expense of others. our currency used to dominate almost all others. all we can do is see what happens.
  • leftcoastkev
    leftcoastkev Members Posts: 6,232 ✭✭✭✭✭
    edited June 2014
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    It is you'd be a fool to believe someone tryna sell you a dream to produce for them.

    The dream (within the system) is for you to produce a lot while they upsell you a little.

    You get to buy that house with the white picket fence that you'll pay for, for the next 20 years (that the bank owns.)
  • lvke
    lvke Members Posts: 12
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    This is not true. French Montana told me otherwise.
  • zombie
    zombie Members Posts: 13,450 ✭✭✭✭✭
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    60% of ameicans are dumb as a box of rocks and have little to no financial education
  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
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    zombie wrote: »
    60% of ameicans are dumb as a box of rocks and have little to no financial education

    How can you say that when Americans are actually suffering in many ways? Are you saying the suffering out there isn't real?
  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
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    http://finance.yahoo.com/blogs/daily-ticker/for-most-families--wealth-has-vanished-172130204.html

    For Most Families, Wealth Has Vanished


    The Sage numbers fill in that blank and do show that the top 10% of households control a larger portion of the nation’s total wealth than they used to. They also show, however, that every income group is still behind where it used to be, on average. The top 5% of households, for instance, have an average net worth of about $1.4 million — but that’s still about 16% lower than in 2007. The top 10% have an average net worth of about $763,000, down about 18%. Yet that’s far better than the median household, which has lost about 43% of its net worth since 2007. “Wealth inequality increased significantly from 2003 through 2013,” the study found.

    By technical measures, the economy has been expanding since the middle of 2009, which is why economists label the past six years a recovery. Yet it’s the weakest recovery since the 1930s, with incomes stagnant, consumers reluctant to spend and employers skittish about hiring. Lost wealth has a lot of do with that, since people can’t spend money they don’t have, and they don’t feel like spending when they’re in the hole, anyway.

    The wealthy do contribute to an economic recovery, but they can’t pull the whole economy up on their own. That requires a vibrant middle class spending en masse as their earnings and wealth climb. Maybe next year, or the year after that, or the year...

  • zombie
    zombie Members Posts: 13,450 ✭✭✭✭✭
    edited June 2014
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    zombie wrote: »
    60% of ameicans are dumb as a box of rocks and have little to no financial education

    How can you say that when Americans are actually suffering in many ways? Are you saying the suffering out there isn't real?

    You have to be more objective and less emotional there will always be people suffering, emotions and how people "feel" is not important, there being people suffering is built into the system but the system still functions with the intent of improving the lives for the greatest number of people. America is going through a little ruff patch in some areas but it's not the end of the world. things will improve

    The facts remain that things are getter better the stock market is trending up, unemployment is going down and the deficit is going down. Meanwhile all our competition is weak, THE EU is always on the verge of breaking up, china could be a diaster any day now and russia economically is not in our league.
  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    edited June 2014
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    zombie wrote: »
    zombie wrote: »
    60% of ameicans are dumb as a box of rocks and have little to no financial education

    How can you say that when Americans are actually suffering in many ways? Are you saying the suffering out there isn't real?

    You have to be more objective and less emotional there will always be people suffering, emotions and how people "feel" is not important, there being people suffering is built into the system but the system still functions with the intent of improving the lives for the greatest number of people. America is going through a little ruff patch in some areas but it's not the end of the world. things will improve

    The facts remain that things are getter better the stock market is trending up, unemployment is going down and the deficit is going down. Meanwhile all our competition is weak, THE EU is always on the verge of breaking up, china could be a diaster any day now and russia economically is not in our league.

    I'm being very objective, as a matter of fact most Americans agree with me that the country is on the wrong track and cost of living is getting too high. Inflation is killing the poor, elderly, and the young who generally have low paying jobs. In fact a lot of older people have low paying jobs now too, something which wasn't a big deal before but now that cost of living is getting ridiculous, people are hurting. You say the deficit is going down but the DEBT is getting higher. A country cannot increase its DEBT and WEALTH at the same time, America is in deep trouble. GDP was negative for this quarter, I'll post up a link soon......

    The stock market improving is not a sign the economy is getting better, it's a sign the rich are getting richer. Most people can't afford stocks anyway. Unemployment is down supposedly but again, most jobs being created are now in low wage industries. That's a disaster long term because it means many people will never escape poverty or pay off their college debts. It also means more tent cities and homeless people. I'm grateful I had a full scholarship but most aren't as fortunate as I am. Americans on avg make more then other people around the world but with 17 trillion in debt CRUSHING Americans via high inflation, it doesn't mean anything.
  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    edited June 2014
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    lvke wrote: »
    This is not true. French Montana told me otherwise.

    Well Frenchie is doing good. He's dating a big ? Kardashian and she's a millionaire lol....if only all of us had that luck (minus the Kardashian part)
  • zombie
    zombie Members Posts: 13,450 ✭✭✭✭✭
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    zombie wrote: »
    zombie wrote: »
    60% of ameicans are dumb as a box of rocks and have little to no financial education

    How can you say that when Americans are actually suffering in many ways? Are you saying the suffering out there isn't real?

    You have to be more objective and less emotional there will always be people suffering, emotions and how people "feel" is not important, there being people suffering is built into the system but the system still functions with the intent of improving the lives for the greatest number of people. America is going through a little ruff patch in some areas but it's not the end of the world. things will improve

    The facts remain that things are getter better the stock market is trending up, unemployment is going down and the deficit is going down. Meanwhile all our competition is weak, THE EU is always on the verge of breaking up, china could be a diaster any day now and russia economically is not in our league.

    I'm being very objective, as a matter of fact most Americans agree with me that the country is on the wrong track and cost of living is getting too high. Inflation is killing the poor, elderly, and the young who generally have low paying jobs. In fact a lot of older people have low paying jobs now too, something which wasn't a big deal before but now that cost of living is getting ridiculous, people are hurting. You say the deficit is going down but the DEBT is getting higher. A country cannot increase its DEBT and WEALTH at the same time, America is in deep trouble. GDP was negative for this quarter, I'll post up a link soon......

    The stock market improving is not a sign the economy is getting better, it's a sign the rich are getting richer. Most people can't afford stocks anyway. Unemployment is down supposedly but again, most jobs being created are now in low wage industries. That's a disaster long term because it means many people will never escape poverty or pay off their college debts. It also means more tent cities and homeless people. I'm grateful I had a full scholarship but most aren't as fortunate as I am. Americans on avg make more then other people around the world but with 17 trillion in debt CRUSHING Americans via high inflation, it doesn't mean anything.

    what you describe is little more than what happens in a normal economic cycle you need to tame an economics class, it would take me writing a book to properly explain to you why what you think is not the 100 percent reality of the situation

  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    edited June 2014
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    zombie wrote: »
    zombie wrote: »
    zombie wrote: »
    60% of ameicans are dumb as a box of rocks and have little to no financial education

    How can you say that when Americans are actually suffering in many ways? Are you saying the suffering out there isn't real?

    You have to be more objective and less emotional there will always be people suffering, emotions and how people "feel" is not important, there being people suffering is built into the system but the system still functions with the intent of improving the lives for the greatest number of people. America is going through a little ruff patch in some areas but it's not the end of the world. things will improve

    The facts remain that things are getter better the stock market is trending up, unemployment is going down and the deficit is going down. Meanwhile all our competition is weak, THE EU is always on the verge of breaking up, china could be a diaster any day now and russia economically is not in our league.

    I'm being very objective, as a matter of fact most Americans agree with me that the country is on the wrong track and cost of living is getting too high. Inflation is killing the poor, elderly, and the young who generally have low paying jobs. In fact a lot of older people have low paying jobs now too, something which wasn't a big deal before but now that cost of living is getting ridiculous, people are hurting. You say the deficit is going down but the DEBT is getting higher. A country cannot increase its DEBT and WEALTH at the same time, America is in deep trouble. GDP was negative for this quarter, I'll post up a link soon......

    The stock market improving is not a sign the economy is getting better, it's a sign the rich are getting richer. Most people can't afford stocks anyway. Unemployment is down supposedly but again, most jobs being created are now in low wage industries. That's a disaster long term because it means many people will never escape poverty or pay off their college debts. It also means more tent cities and homeless people. I'm grateful I had a full scholarship but most aren't as fortunate as I am. Americans on avg make more then other people around the world but with 17 trillion in debt CRUSHING Americans via high inflation, it doesn't mean anything.

    what you describe is little more than what happens in a normal economic cycle you need to tame an economics class, it would take me writing a book to properly explain to you why what you think is not the 100 percent reality of the situation

    What about all those economists with fancy MBAs who constantly say America's economy long term (due to the massive debt) is in trouble? I can post a few links to their credentials and sites if you wish.
  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    edited June 2014
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    ? it....

    Here's what SEVERAL ECONOMISTS think about America's huge debt and how it IS and WILL effect America down the road.....

    http://moneymorning.com/ob/economist-richard-duncan-civilization-may-not-survive-death-spiral/

    Economist Richard Duncan: Civilization May Not Survive 'Death Spiral'
    By Terry Weiss, Money Morning


    Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America's $16 trillion federal debt has escalated into a "death spiral, "as he told CNBC.

    And it could result in a depression so severe that he doesn't "think our civilization could survive it."

    And Duncan is not alone in warning that the U.S. economy may go into a "death spiral."

    Since the recession, noted economists including Laurence Kotlikoff, a former member of President Reagan's Council of Economic Advisers, have come to similar conclusions.

    Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements like Social Security and Medicare are included.

    However, while the debt crisis numbers are well known to most Americans, the economy hasn't suffered a major correction for almost 4 years.

    So the questions remain: Is the threat of collapse for real? And if so, when?

    A team of scientists, economists, and geopolitical analysts believes they have proof that the threat is indeed real - and the danger imminent. <

    READ THIS TWICE

    One member of this team, Chris Martenson, a pathologist and former VP of a Fortune 300 company, explains their findings:

    "We found an identical pattern in our debt, total credit market, and money supply that guarantees they're going to fail. This pattern is nearly the same as in any pyramid scheme, one that escalates exponentially fast before it collapses. Governments around the globe are chiefly responsible.
  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    edited June 2014
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    More from the article:

    According to Martenson: "These systems could all implode at the same time. Food, water, energy, money. Everything."

    Another member of this team, Keith Fitz-Gerald, the president of The Fitz-Gerald Group, went on to explain their discoveries.

    "What this pattern represents is a dangerous countdown clock that's quickly approaching zero. And when it does, the resulting chaos is going to crush Americans," Fitz-Gerald says.

    Dr. Kent Moors, an adviser to 16 world governments on energy issues as well as a member of two U.S. State Department task forces on energy also voiced concerns over what he and his colleagues uncovered.

    "Most frightening of all is how this exact same pattern keeps appearing in virtually every system critical to our society and way of life," Dr. Moors stated.


    Dr. Moors warns this type of unsustainable road to collapse can be seen today in our energy, food and water production. All are tightly connected and contributing to the economic disaster that lies directly ahead.
    Keith Fiz-Gerald: Germany's military held a secret investigation into this unsustainable pattern and concluded it could lead to "political instability and extremism."

    According to polls, the average American is sensing danger. A recent survey found that 61% of Americans believe a catastrophe is looming - yet only 15% feel prepared for such a deeply troubling event.

    We can see the strain on society already.

    In two years, Congress won't have any money for transportation, reports the Washington Post. Cities like Trenton, NJ have layed off one-third of their police force due to budget cuts. And other cities like Colorado Springs, CO removed one-third of streetlights, trashcans, and bus routes, reports CNN.

    Fitz-Gerald also warns of a period of devastating inflation. A recent survey, reports USA Today, notes that in the coming years it could take $150,000 a year in household income for a family to afford basic living expenses - and maybe go out to a movie.


    --I don't have an MBA, but the guys listed above are chief economists for some of the largest companies in the world. Analysts have backed them up, one of my best friends makes $85K a year doing ? like this. He's even more negative on America's long term future then I am. They seem to know what the ? they're talking about LOL. What were you saying again Zombie?
  • zombie
    zombie Members Posts: 13,450 ✭✭✭✭✭
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    yeah debt is a problem but it's not going to be as bad as you are making it out to seem, economics always has two sides there are economist who think we should spend more money not less. you can read an article but unless you have been trained in economics you won't fully understand what the true situation is
  • zombie
    zombie Members Posts: 13,450 ✭✭✭✭✭
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    the debt will be dealt with but there are always going to be fear mongering economist and poor people the high level of debit will be a challenge to overcome but it will be done and the world won't end

    http://americanprogress.org/issues/budget/news/2013/03/11/56048/the-united-states-long-term-debt-problem-isnt-as-bad-as-you-thought/

  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    edited June 2014
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    zombie wrote: »
    yeah debt is a problem but it's not going to be as bad as you are making it out to seem, economics always has two sides there are economist who think we should spend more money not less. you can read an article but unless you have been trained in economics you won't fully understand what the true situation is

    Well more then enough educated economists and analysts are sounding the alarm on the debt and how it already is affecting American life, and apparently most Americans agree with the economists I mentioned above. My friend analyzes the economy for a living for huge companies and all the analysts he works with say the same thing: America's huge debt problem is already a crisis for the American consumer and will get worse unless politicians get serious about paying it off. I hope you're right in that it will be overcome but I highly doubt it. Most politicians don't seem serious about paying it off or limiting spending, because getting serious would mean austerity and probably riots not long after (probably loss of votes too)
  • zombie
    zombie Members Posts: 13,450 ✭✭✭✭✭
    edited June 2014
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    zombie wrote: »
    yeah debt is a problem but it's not going to be as bad as you are making it out to seem, economics always has two sides there are economist who think we should spend more money not less. you can read an article but unless you have been trained in economics you won't fully understand what the true situation is

    Well more then enough educated economists and analysts are sounding the alarm on the debt and how it already is affecting American life, and apparently most Americans agree with the economists I mentioned above. My friend analyzes the economy for a living for huge companies and all the analysts he works with say the same thing: America's huge debt problem is already a crisis for the American consumer and will get worse unless politicians get serious about paying it off. I hope you're right in that it will be overcome but I highly doubt it. Most politicians don't seem serious about paying it off or limiting spending, because getting serious would mean austerity and probably riots not long after (probably loss of votes too)

    american debt is a problem i would never deny that but it's the conculsion you reach on the information that i find to be more than a little overblown. limiting spending actually might not be a good idea austerity is not helping europe, not every economist agrees that we need to stop spending right away and start paying down the debt or it's doomsday. The thing about economics is that it all boils down to how you interpret the information and how you place that in the whole macro environment.

    i have no doubt that this problem will be solved before things get to bad because we have the tools to solve it and it's in everybody's interest to solve it.
  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    edited June 2014
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    zombie wrote: »
    zombie wrote: »
    yeah debt is a problem but it's not going to be as bad as you are making it out to seem, economics always has two sides there are economist who think we should spend more money not less. you can read an article but unless you have been trained in economics you won't fully understand what the true situation is

    Well more then enough educated economists and analysts are sounding the alarm on the debt and how it already is affecting American life, and apparently most Americans agree with the economists I mentioned above. My friend analyzes the economy for a living for huge companies and all the analysts he works with say the same thing: America's huge debt problem is already a crisis for the American consumer and will get worse unless politicians get serious about paying it off. I hope you're right in that it will be overcome but I highly doubt it. Most politicians don't seem serious about paying it off or limiting spending, because getting serious would mean austerity and probably riots not long after (probably loss of votes too)

    american debt is a problem i would never deny that but it's the conculsion you reach on the information that i find to be more than a little overblown. limiting spending actually might not be a good idea austerity is not helping europe, not every economist agrees that we need to stop spending right away and start paying down the debt or it's doomsday. The thing about economics is that it all boils down to how you interpret the information and how you place that in the whole macro environment.

    i have no doubt that this problem will be solved before things get to bad because we have the tools to solve it and it's in everybody's interest to solve it.

    I really hope you're right, but the amount of poor and homeless people out there disturbs me, the news reports of GDP shrinking 3 percent don't help but hopefully it's all just temporary....
  • janklow
    janklow Members, Moderators Posts: 8,613 Regulator
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    lvke wrote: »
    This is not true. French Montana told me otherwise.
    i think he is actually mentally ? , so there are social programs out there to help him through the rough times
    How can you say that when Americans are actually suffering in many ways? Are you saying the suffering out there isn't real?
    well, i'm not sure if zombie means this or not, but for one thing, Americans are IDIOTS when it comes to worrying about saving $$$ for the future

  • kingblaze84
    kingblaze84 Members Posts: 14,288 ✭✭✭✭✭
    edited June 2014
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    janklow wrote: »
    lvke wrote: »
    This is not true. French Montana told me otherwise.
    i think he is actually mentally ? , so there are social programs out there to help him through the rough times
    How can you say that when Americans are actually suffering in many ways? Are you saying the suffering out there isn't real?
    well, i'm not sure if zombie means this or not, but for one thing, Americans are IDIOTS when it comes to worrying about saving $$$ for the future

    Americans definitely gotta save more. I know people who will spend their last 20 dollars on weed instead of buying food for the home or buying gas. A lot don't save though because they frankly can't afford to save, that's how high the cost of living is for so many
  • janklow
    janklow Members, Moderators Posts: 8,613 Regulator
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    A lot don't save though because they frankly can't afford to save, that's how high the cost of living is for so many
    going to be honest, though: sometimes can't afford to save means "can't afford to save," and sometimes it means, "want to spend my money on other stuff"

    ...and the latter is the stupid category