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The Pros And Cons Of The American Dream

Decent Essays

The American Dream is a worldwide phenomenon that, by definition of James Truslow Adams, means “life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.” This is supposedly regardless of social class, race, gender, and any other social norms. The dream causes foreigners to want to come to America and do anything they want, whether it’s relating to money, occupation, fame, etc. But, it has been put into question that there is no such thing as the American Dream, which about 37% of American believe according to a recent report (Dickler). With high amounts of debt, discrimination, and people being born into low social classes, the American Dream is simply nonexistent. Finances are one of the biggest issues that Americans face today, whether it’s college debt, minimum wage jobs, or retirement planning. According to the Pew Charitable Trusts, “8 out of 10 Americans hold some form of debt” and “Around 80% of baby boomers have debt while 47% are still paying off their mortgage.” The main problem for this is income and how the amount of debt can start piling up when income cannot continuously support it. Americans cannot pursue their dreams when their debt is stopping them from taking out mortgages on houses and cars, especially since most Americans have college debt. The New York Federal Reserve Bank states, “The average student leaves college with $34,000 in education loans, and carrying that debt into their working

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