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Consumer Credit: The Destruction Of The American Dream

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The American Dream carries the expectation of financial stability which has survived through generations of Americans. Those in which believe in the American Dream fall victim to following the typical script of, “Work hard, save a little, send the kids to college so they can do better than you did, and retire happily to a warmer climate” (Samuel 7). This script has been modified to fit today’s lifestyle, but has stayed true to its origin. The 1920s sparked a vicious pursuit of money and all of the marvelous things it could buy. The 1920s accelerated a tendency that allowed Americans to believe they had access to their unobtainable dreams. This tendency is the use of consumer credit. Consumer credit is a socially constructed activity. During …show more content…

Debt is booming because the American society allows it to. Saying you have the newest, high end innovation has always been apart of The Dream. People see material success as living out the main part of the American Dream. Saying, “I own the latest iPhone” or “I just bought the new 2016 model of that car” has fallen into “living the American Dream”. The American society continues to produce and supply the practices of people who have developed this materialistic orientation. There will always be a newer and better version of something for the people to spend their money and credit …show more content…

During the 2016 election, the millennials believe that the availability of jobs and minimal wage should be held as the number one priority to the new President and Congress. Other issues that follow that are education, college affordability and student debt (Page and Ung). The millennials are determined to better the economy, but are struggling to manage in it. Though policies have been set in stone for decades and president after president continuously attempt to regain economic stability, the depth of it all is too steep. Though majority of the millennial generation does not believe in the American Dream, they do believe that as a whole, they can fix what their ancestors could

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In the article “Debt Education: Bad for the Young, Bad for America”, Jeffrey J. Williams explains the damage student debt causes past and present college students. Williams argued that more than half of the college students and their families are in debt from having to make such large payments toward the rising costs of colleges. Though, Williams also states a higher degree or education will lead to a high income and all around better jobs, the risk of being unemployed after college is too great. This is considered to be good for individuals, as it will maximize their economic potential. It is also good for society as a whole as people are getting better education, and rising to greater expectations in the world.

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A lingering question to many of the less fortunate in America pertains to the existence of the so-called “American dream.” Does this American dream exist and is it attainable? The American dream inspires many immigrants move to America, hoping to better their lives and those of their families. However, in the novel, Nickel and Dimed, Barbara Ehrenreich’s attempt achieve the American dream deems it not possibly attainable. Likewise, today, in the twenty-first century, the American dream is still not attainable.

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The decade of the 1920s is often characterized as years of economic growth and prosperity. After World War I and the post-wartime recession, which had struck the United States when veterans returned home and defense contracts were terminated, the American community was ready to move forward and prospects seemed promising. Unemployment rates fell as low as 3 percent, prices remained stable, and the gross national product (GNP) increased by 43 percent from 1922 to 1929. Americans enjoyed their electrified homes, family cars, and new consumer goods; they bought a lot and looked ahead with optimism (698).

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The American Dream that is present in our lives today is fundamentally the same dream that people had in the 1920s, but many would argue that these dreams differ greatly. While both of these dreams have the similar ideals of becoming successful, the metric that they use to measure success differs greatly between the two. The idea of success that we have now is for one to be better off than one’s parents were, in each case slowly climbing up the financial ladder, while in the 1920s the idea of success included unimaginable wealth and fame. We can see how these definitions of success have been defined by the generations that these dreams belonged to.

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1123 Words | 5 Pages

To most achieving the American Dream is obtaining success and economic stability. To some obtaining the American Dream is making more money than their parents. According to David Leonhardts’ article “The American Dream, Quantified at Last”, New York Times (8 Dec. 2016) provides statistics that show 50 to 60 years ago an individual was able to drastically exceed the amount of money their parents earned. Thanks to rapid, widely shared

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179 Words | 1 Pages

The picture perfect life that the American Dream promotes is unrealistic and superficial because money is unable to fill the void of happiness or love. Contrary to earlier days, we now life in a time when even a strong work-ethic does not guarantee money, success or opportunities. While many are so ensorcelled by the illusions of the American Dream, we often fail to realize its falsity and constraints. Whether financially or socially, the society coaxes in the unsuspecting American dreamer, only to then spit them out in a wave of despair, failure and hopelessness. As demonstrated by numerous non-conformist individuals, the Dream lies not in the realm of materialism but rather in that of the intangible; often requiring an extreme leap of faith

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345 Words | 2 Pages

A survey by the New York Times titled “What happens to the American Dream in a recession” brought forward an interesting public perspective to the topic. “Although the nation has plunged into its deepest recession since the Great Depression, 72 percent of Americans in this nationwide survey said they believed it is possible to start out poor in the United States, work hard and become rich — a classic definition of the American dream.” (Seelye 1). In this survey it also has what people think the American Dream is or is about.

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1318 Words | 6 Pages

The American Dream has been deteriorating since the beginning of the twentieth century. The traditional pursuit of happiness, individuality, and humanity have been “consumed by the ‘culture of consumption;’” hope has been replaced by desire (Alina 1). During the Reagan years, the American Dream only became possible for the wealthy and created a huge gap between the wealthy and the poor. This decade has been “dubbed by many, including president Clinton, as the decade of greed”(Winn, 307).

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330 Words | 2 Pages

The contemporary “American Dream” and the 1920s “American Dream” have many differences, however, they share many beliefs that Americans have been dreaming for centuries. Despite the similarities, the two have different perceptions hence the time period. The wealth considered in the 1920s is way different than the wealth people have today. Rich people today may not see people in the 1920s as rich just like them. The two have relatively some qualities that are the same, but people have their own beliefs in their “American Dream.”

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Some might believe the American Dream is a Godsend. In the 1920’s The upper class believed that with their social status and revenue the size of the Empire State Building, they could achieve anything. They could soar higher and higher, and people like Gatsby did. But, in many cases, this power comes with a heavy price.

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1312 Words | 6 Pages

One major issue today is that it has become much harder for the middle class, let alone the lower class, to get ahead financially. There are many great differences in both then and now in addition to the differences between the classes that show that the concept of a much less attainable American Dream. A major example is, as Richard Eskow phrases it, that “there are increasingly two classes of Americans: Those who are taking on additional debt, and the rich.” Other signs that the American Dream has kicked the bucket are the devastating amount of student debt for many Americans and the uncertain future for retiring citizens (Eskow).

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462 Words | 2 Pages

Millennials were raised in a time of huge technological advancements, popular agitations, and fairly stable economic situations. Currently at their young adulthood, the cohort is choosing to go further than any other generation on their higher education and opting for jobs that might not pay as much as others, but are loyal to their moral-ethical beliefs and fights . Opting for such careers, added to the student debt acquired throughout their education, puts Millennials in a situation of modest wealth, which is no different from the situation they grew up in, but forces them to be really careful about their personal expenses and life choices. Although there is no official data on what Millennials` wishes for the future are, it is known that

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825 Words | 4 Pages

It is clear that the idea of supporting oneself is not an option for the youth, with parents now expected to continually financially support them. And then there is the fact that Millennials aren’t often the ones footing these purchases. Some ‘59% of moms pay for their millennial child’s cell phone and 53% of moms spend more than $5,000 per year per each adult child covering everyday expenses, according to ‘Vibrant Nation’. This unusual trend is going to force the age of retirement to much later for these parents as the children benefit with free housing, transportation, and food from

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1439 Words | 6 Pages

From the “rags-to-riches” dream, to becoming a rugged individualist, America’s dreams exceed pure commercialistic desires. However, any of these alternative versions of the American Dream are based off of money in some way. The fault of the “rag-to-riches” dream lies within its objective. Similar to social mobility, this dream relies on the poor to sit at the bottom and wish for the top, focusing on money. Even those who have reached success in this dream and become enormously wealthy still only care about their wealth.

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211 Words | 1 Pages

The American dream is a facade that both the government and corporations use to control the minds of the majority. Moreover, it is said, a picture tells 1 million words, within the image, “The American Dream Helper” is a story that I will decode and summarize. Nevertheless, the image is of a woman standing in a store with a desire to purchase a product. What the woman desires is the American dream helper; notwithstanding, the American Dream Helper represents the American dream that is taught by mass media. To acquire it, one must follow a simple step, "just add money".

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