American Dream
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The rise and fall of the American middle class

The rise and fall of the American middle class | American Dream | Scoop.it
Downward mobility is catching on fast with America’s new economic underdogs — the emerging middle-class minority.

The ranks of the American middle class have sunk to a shocking new low.

After four decades as an economic majority, middle-class Americans are no longer in that admirable place. They’re down to 49.9 percent from 61 percent of the population in 1971, with the ranks of the poor and ultrarich growing to a majority in the US.

“The fabric of income distribution is stretching thin,” Rakesh Kochhar, lead author of the recent Pew Research Center study “The American Middle Class Is Losing Ground,” told The Post.

“There’s been a hollowing out in the middle, a bulking up on the edges. The gaps are at record highs,” Kochhar said, adding that the wealth of upper-income families is now about seven times that of the middle class, compared with three times about 30 years ago.

Meanwhile, the middle-class share of US household income has plunged from 62 percent in 1970 to 43 percent today.

And for lower-income families looking to move up to middle-class status, that accomplishment is getting harder to pull off, according to new analysis.

Analysts offer no single explanation for the decline of America’s middle class.

Years of wage stagnation, the decline of unions, a skills gap, economic malaise, taxation, debt and policymaking are often cited, as is technological efficiency in a more globalized economy that rewards outsourcing. Some analysts say the Fed’s trillions of dollars in quantitative easing ended up disproportionately in the hands and wallets of bankers and other upper-middle-class Americans.

This group sopped up extra millions in commissions, fees and bonuses, improving their status, at the expense of Main Street.

Meanwhile, partly because of the Great Recession and the housing market disaster, the middle class saw its median wealth (assets minus debts) drop by 28 percent from 2001 to 2013.

Statistically, middle-class Americans now number about 121 million.

In New York state, the percentage of residents classified as middle class is much lower, hitting 42 percent in 2013, a 2.8 percentage-point decline from 2000, according to a Pew Charitable Trusts Stateline analysis earlier this year.

For purposes of the study, middle-income Americans were defined as adults whose annual household income is two-thirds to double the national median, about $42,000 to $126,000 annually in 2014 dollars for a household of three.



Tsee Lee, in his mid-30s, doesn’t feel special.

But the Manhattan public high school teacher, five years on the job, is the definition of middle class — despite perceptions to the contrary.

Earning about $54,000 annually and single, Lee frets about the high cost of living in New York City, from his rent to other overhead. He also worries about losing future benefits and payouts.

“I don’t feel middle class,” he told The Post. “I don’t have enough disposable income left over after I’ve paid all my monthly bills. I am putting some money aside for retirement, but I’m sure not spending on vacations.”

Lee, an ex-economic researcher, says the American Dream is dead.

“There’s a myth that the US economy increasingly requires high levels of education or specialized skills,” he said, “but everyone from auto workers to sanitation workers to professionals like teachers [once] did well, whatever their résumé showed.”

Added Lee: “The sharing economy, from Uber to Handy to Airbnb, typifies this race to the bottom. They claim to create jobs, but billions of dollars are made at the top by hedge funds and venture capitalists.”
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The American Dream - Rachel's Ruminations

The American Dream - Rachel's Ruminations | American Dream | Scoop.it
in many ways material wealth and hard work are core values in American society. They're what informs the American Dream.
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Nearly Half of Millennials Believe the American Dream is Dead

Nearly Half of Millennials Believe the American Dream is Dead | American Dream | Scoop.it
Nearly half of millennials, or 48 percent, believe that the American Dream is dead, according to a report from Generation Opportunity.
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Can Silicon Valley Save The American Dream?

Can Silicon Valley Save The American Dream? | American Dream | Scoop.it
Former Barack Obama speechwriter Aneesh Raman weighs in on the role Silicon Valley could play in reviving the American Dream.
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15 questions with Jerry Jao - CNNMoney

15 questions with Jerry Jao - CNNMoney | American Dream | Scoop.it
He moved to the U.S. alone at age 14 to live the American Dream. Now, Jerry Jao is heading up his third startup.
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Millennials Waking Up From the American Dream

A Harvard poll of young Americans released on Thursday reported that nearly half of all adults between the age of 18 and 29 feel that the proverbial American...
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Millennials Waking Up From the American Dream

A Harvard poll of young Americans released on Thursday reported that nearly half of all adults between the age of 18 and 29 feel that the proverbial American...
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Nearly Half of Youth Say 'American Dream' Is Dead: Harvard Poll

Nearly Half of Youth Say 'American Dream' Is Dead: Harvard Poll | American Dream | Scoop.it
The survey also found that young voters are more supportive of Bernie Sanders than Hillary Clinton.
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Are millennials buying into American Dream?

Are millennials buying into American Dream? | American Dream | Scoop.it
Brevard has seen a housing rebound in sales and prices over the past two years, but it’s not millennials fueling that recovery.
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A father’s true American dream, realized - The Boston Globe

A father’s true American dream, realized - The Boston Globe | American Dream | Scoop.it
He faced struggles aplenty after fleeing China. None of that matters to Yau King Eng’s sons, who say they’re thankful for their father’s sacrifice.
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The American Dream Isn't Dead. This Is How Immigrant Families Are Achieving It

The American Dream Isn't Dead. This Is How Immigrant Families Are Achieving It | American Dream | Scoop.it
Vocational training comes full circle at the Instituto del Progreso Latino, where this MacArthur Fellow pioneers a smart approach to rising above poverty.
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As the Middle Class Dies, Millennials Give Up: “The American Dream Is Not Really Alive”

As the Middle Class Dies, Millennials Give Up: “The American Dream Is Not Really Alive” | American Dream | Scoop.it
With student loan debt saddling millions of Americans in their first years of adulthood, and a drastically rising cost of living there is reason for despair.
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Can You Answer These Key Strategic Questions For 2016

Can You Answer These Key Strategic Questions For 2016 | American Dream | Scoop.it
Can Your Local EDO Answer These Key Strategic Questions For 2016 | Strengthening Brand America: https://t.co/Qa5uDTftme
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Cuban woman says immigrants are 'looking for the American Dream'

She can imagine the willingness to risk it all for a chance to live the life she is already living.
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Nearly Half Of Millennials Say The American Dream Is Dead. Here’s Why.

Nearly Half Of Millennials Say The American Dream Is Dead. Here’s Why. | American Dream | Scoop.it
By Natalie Johnson ~ Belief in the American Dream among millennials is dimming as the nation’s largest generation continues to face steep socioeconomic barriers despite overall economic recovery, according to a new report. Generation Opportunity, a nonprofit organization advocating limited government to spur opportunity for young Americans, reported Tuesday that for the first time in U.S.…
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Why Achieving the American Dream Depends on Your Zip Code

Why Achieving the American Dream Depends on Your Zip Code | American Dream | Scoop.it
Today, the state of the American Dream—the ability of anyone to work hard and get ahead—largely depends on one’s zip code. That is more than a little troubling, given that 97 percent of Americans believe everyone should have an equal shot at success.
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Millennials are wrong about the American dream

Millennials are wrong about the American dream | American Dream | Scoop.it
A Harvard study shows that millennials think the American Dream doesn't exist anymore. They've never been more wrong, says Steve Siebold.
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It’s the American Dream, Stupid

It’s the American Dream, Stupid | American Dream | Scoop.it
Kimberley A. Strassel writes that a few Republican candidates, at least, get it: The GOP needs Jack Kemp’s aspirational agenda.
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Millennials: Redefining the American Dream - CUInsight

Millennials: Redefining the American Dream - CUInsight | American Dream | Scoop.it
“Another article about Millennials?” you might be asking yourself. I can guarantee this is unlike most articles you have read. The industry is buzzing about the opportunity these future homebuyers will create for lenders. However, the fact of the matter is that most Millennials are still not buying homes. Because of this, I decided to …
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The American Dream Is Universal | LBBOnline

The American Dream Is Universal | LBBOnline | American Dream | Scoop.it
Little Black Book,
JWT examines how it aligns with other nations’ dreams and aspirations
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Facts on poverty and opportunity that progressives and conservatives can agree on

Facts on poverty and opportunity that progressives and conservatives can agree on | American Dream | Scoop.it
Chapter 2 in a comprehensive report from the AEI-Brookings Working Group on Poverty and Opportunity provides a thorough review of how trends in family, composition, employment, wages, and education affect poverty and economic mobility. These are facts that experts across the political aisle can agree on, and that serve as the basis of the report’s final recommendations for reducing poverty and restoring the American Dream.
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Nearly half of young adults no longer believe in the American dream

Nearly half of young adults no longer believe in the American dream | American Dream | Scoop.it
In 18-29-year-olds, 48 per cent thought the dream is over, although there was a slim majority of 49 per cent who believe it is still alive, according to a Harvard Institute of Politics (pictured) survey.
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First-Generation Americans Talk About The American Dream

"I think I am my parents' American Dream." Check out more awesome videos at BuzzFeedYellow! http://bit.ly/YTbuzzfeedyellow Get all 12 episodes of the BuzzFee...
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Review—The Decline and Fall of California: From Decadence to Destruction - Breitbart

Review—The Decline and Fall of California: From Decadence to Destruction - Breitbart | American Dream | Scoop.it
What happened to the Golden State? In the mid-twentieth century, California was the American Dream within the American Dream; a booming economy, vibrant middle-class, and an unshakeable optimism for the future were hallmarks of a state that had become the crown jewel of the Empire of Liberty.
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