Wednesday, April 30, 2014

American Dream is a myth for aspiring middle class

RIP, American Dream [emphasis mine]:

[A]s a sobering New York Times  article last week made clear, America could have a lot to learn by looking to Europe. According to the New York Times, the American middle class – the linchpin of the country's phenomenal postwar economic growth – can no longer call itself the richest in the world. "While the wealthiest Americans are outpacing many of their global peers," says the NYT, "across the lower- and middle-income tiers, citizens of other advanced countries have received considerably larger raises over the last three decades." America's poorest citizens lag behind their European counterparts; 35 years ago, the opposite was true.

Here's how Cohen sums it up:

In the immortal words of Ralph Waldo Emerson, "conservatism makes no poetry, breathes no prayer, has no invention". Its success comes in standing in the path of reform and saying no. With the Republican party currently in charge of the House of Representatives (and unlikely to lose that control in this autumn's mid-term election) there is little reason, unfortunately, to believe that the nearly four-decade decline in the financial standing of the American people will right itself soon. In short, the "choice" that America made to pursue the path of decline will be with us for some time to come.

Kind of makes looking to Europe seem like not such a bad idea.

By Michael Cohen
April 26, 2014 | Guardian

No comments: