American Dream is an ethos where the American people are promised prosperity and success. With troubling times it seems that the American dream is dead or dying. People are losing their jobs, homes and cannot pay off their loans as a result. The idea is taken from the Declaration of Independence where it states all men are equal and have rights to life, liberty and the pursuit of happiness.
This list examines top 10 reasons why the American dream is dead and why prosperity and success promised is not fulfilled.
1. Unemployment Rates:
Unemployment rates are skyrocketing. In September, 2011, statistics showed that there was a 9.1% unemployment rate in the country. This is just below the historical high of 10.2% in November of 1982. Obama has not fulfilled his Presidential promise to lower unemployment rates.
2. America is no longer economically dominating:
The United States is in huge amounts of debt. They hit a debt default in August of 2011 and had to find an emergency solution. They are now the worst example and role model for other countries who suffer debt.
3. Cutting Down Costs:
Frustrated over mounting prices and fearful of future economic issues, U.S. consumers have become cautious in their buying habits. In July of 2011, sales rose 2% while prices rose 4%.
4. Unconfident Homeowners:
Homeowners are not confident that they can pay off their mortgage. In fact a 2009 CNN poll showed that 50% felt they could pay of their mortgage. What will happen to the rest of the 50%? Houses are thus underwater. The cost of the mortgage is more than the value of the home.
The rich are still rich, while the poor is still poor. 12% of Americans are living beneath the poverty threshold.