The Great Recession And The American Dream

America still to this day holds on to the idea of the “American Dream”. This is rather surprising in today’s society and the ups and downs that the nation is facing. The dream in the past was more about freedom and equality. Moving through the decades, this dream has morphed into something quite different. Instead of what America means for all of its inhabitants, the nation has become more individualized. Society has moved to interpret the dream of what America can do for the one. Instead of the unified nation, America has been known for in the past, a shift has started creating an inconsistency in who can realize the dream. The myth of the “American Dream” has been hugely affected by increased materialism, the gap in economic status, and the fantasy of “rags to riches” idea.

It seems that over the decades, the “American Dream” has changed along with the generations who follow it. After the “Great Recession”, the housing crisis which triggered a financial crisis, and millennials have changed their point of view about homeownership. This change created another definition for the “American Dream”, because more opt out to rent versus buy, and some don’t bother with houses at all and prefer to live in apartments. This is all due to rising student debt, risks associated with owning a home, and the fact that homes are often suited for families and it’s been proven that millennials are pushing back the age for conceiving children.

The American Dream has held a special place in the hearts of patriots since the very founding of America in 1776. It has been a subject of many authors who grapple with its attainability, and is a beacon of hope gazed upon by victims of circumstance. The Dream has been interpreted by great minds in various ways, and has been deemed both an evil deception and a great promise of a better life. However, the American Dream has morphed from this promise of opportunities and second chances--in fact, it has become viewed as a cause for societal competition and the reason for decreasing happiness among the American people. As Americans attempt to “achieve their goals,” and “keep up with the Joneses,” they subject themselves to the materialistic cycle of greed. Success, and the goal of the American Dream, has been redefined. To be put simply, the American Dream is now to be richer than one’s neighbor, despite the fact that happiness--and thus, the Dream--cannot be achieved solely through wealth and material goods.

We have all heard of this intense rollercoaster ride that we are on called the American Dream. The term was coined by James Truslow Adams in 1931 defining it as “dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement.” Since it’s arrival, the Dream has evolved from a pursuit towards “freedom, mutual respect, and equal opportunity” (Shiller) to later one of greed described by Shiller as being “excessively lustful about homeownership and wealth” beginning in the 1960s. Traditionally, the American Dream included features of a nuclear family, that is one with a breadwinning father, a housewife, and two kids, owning a white picket fence home, thriving without financial worries, and a happy family. There has been a shift in focus for the Dream caused by the Millennial generation and in turn they have included features that place an emphasis on equality in all aspects of their lives from family life to the workplace placing their own twist on the Dream. The American Dream has evolved over time to include equal opportunities, college education, and happy family.

When the phrase “American Dream” is uttered, it is typically associated with having money or striving to have money. The dream of much of the public is to have money and to be able to purchase anything they desire whenever they want. For some, this dream is not about money, but it is about having the opportunity to better his or herself and his or her loved ones. In either case, there are certain circumstances and obstacles that make this dream increasingly difficult to attain. Some would even be willing to argue, the American dream is unattainable. “American Dream” is defined as the concept of every citizen of the United States having an equal opportunity to achieve success and happiness through hard work, sacrifices, and risk-taking (Fontinelle);

The article “Is the American Dream Dying?” implies, “The American Dream is not dead”…”It just got a little more difficult to achieve” (Rickert 3). The inquisition of whether the American Dream is still alive or deceased remains a debate today. A multitude of individuals believe the American Dream has become impossible to obtain. On the other hand, others have come to a conclusion that the American Dream is still alive and transforming with individual aspects of life. Due to the evidence of changing family structure and growing individuality, the American Dream is indeed alive and evolving with new aspirations of the future.

America is seen as the land of opportunity in that there are endless possibilities for an individual. In this land of opportunity, Americans strive to obtain the ideal known as the American dream. The American Dream is seen as the accomplishment of an ambition achieved while challenged by adversity.1 Americans often associate this success with the ownership of a home. The home is not simply a place of basic protection; there is a much deeper connection to the individual. Ownership of a home grants freedom and security that establishes a sense permanency for the individual. In contrast, renting a living space possesses a semblance of instability and dependence.2 The desire to improve ones’ position in life inspires one to

The American dream can be defined as the promise of living in America with opportunities for all, regardless of social class, and according to their ability and effort (Schnell, 2010). Proponents of the American dream believe that there is equal opportunity for all in the American society to achieve success. Success is not pegged on social status, race, or creed, but rather on an individual’s own efforts. The definition of the American dream has unique interpretations to different people. The most common meaning is that of a life of abundance and prosperity, characterized by economic rewards that enable one to live a middle class life of comfort. Here, success is measured by material possessions such as beautiful homes, cars, a high

The idea of the American Dream has been around since America was founded, but until 1933, it was not put into words. In the article American Faces 1933’s Realities, by James Truslow Adams, he defines the American Dream as “ ...a vision of a better, deeper, richer life for every individual, regardless of the position in society which he or she may occupy by the accident of birth” (1). The American Dream does not have to be described as having copious amounts of wealth. To some, it is only a vision of a better life for themselves and their families.

There are many people today that will not be able to experience the american dream because of there race, class, or opportunities. Although those people can still try hard to achieve this american dream. In the sources ¨Obama's 2004 Keynote Address¨, ¨Who burns for the perfection of paper¨ by Martin Espada, and ¨What happens to the american dream in a Recession¨ by Katharine Q. Seelye they all talk about different parts of America and the american dream. I believe you can experience the american dream no matter who you are.

The American Dream is a concept that is essentially older than the United States, dating back to the seventeenth century. It was then when people began to come up with hopes and aspirations for the newly discovered, unexplored continent. The “American Dream” is in essence the idea in that puts forward the notion that all people can succeed through hard work, that all people have the right to the pursuit of happiness, and be successful. The definition of the American Dream has been expanded upon and redefined over time. The concept of the American Dream has always been debated and put under criticism. There are many that believe the structure of American Society belies the idealistic goal of the American Dream. It points out examples of

Similarly, the Great Recession was due to consumer spending cutbacks and a drop in demand for the establishment of new housing. In the two decades previous to 2008, the American growth rate was very high. Their household needs also became very high, which made demand increase. Spending was at a high. However personal income was decreased. The consumers then had to borrow money from the banks. This gave the consumers debt. So, when the house prices rose, banks stopped loaning money to people and the people decreased their spending. This happened because the people were not able to pay the banks back. People also cut back on buying or making new houses, so household demand dropped. Many say that this decrease caused the Great Recession. Housing was one of the main subjects that many believe, caused the Great Recession. “Subprime” mortgage availability and low interest

As time has went on the meaning of the American Dream has altered. When Adams trademarked the term the American Dream, the idea of it was for people to become “better and richer and fuller,” (Adams 412), but now as 20th century inventions have been introduced to society the dream has changed. People want what others have and what is portrayed as glamorous and prestigious. A prime example is Gary Soto’s recollection of his childhood obsession with wanting to be like the families he saw on the television saying, “I very much wanted to imitate [the families from Leave It to Beaver and Father

The United States of America is the most powerful and wealthy country in the world. The varieties of class, individuality, religion, and race are a few of the enrichments within the "melting pot" of our society. The blend of these numerous diversities is the crucial ingredient to our modern nation. Even though America has been formed upon these diversities, its inhabitants- the "average American"- have a single thing in common; a single idea; a single goal; the American Dream. The Dream consists of a seemingly simple concept; success. Americans dream of a successful marriage, family, successful job, and own a Victorian-style home with a white picket fence and an oak tree with a swing tire in the front yard. The

In 1937, James Truslow Adams coined the term “American Dream” in his book The Epic of America. Adams stated the “American Dream” was a land of opportunity for everyone. In this utopia, every man and woman is able to reach their highest potential in employment, housing, and family regardless of birth or position, because they worked hard and earned it (“What is The American Dream?”). Ever since 1937, Americans have had this idea in their head of finally achieving the “American Dream” with their spouse, house, white picket fence, 2.5 kids, and movement up the socioeconomic ladder. It is what people whisper at night as they leave their war-torn streets for a better life. Yet in the past few years, that dream has begun to crumble. I believe Millennials are waking up to see that this dream utopia is flawed.