Is the American Dream really a thing of the past?
According to a research team under the guidance of professors from no less than Harvard and Stanford, even if it is not truly dead, it appears as though it will be much tougher to realize, going forward.
Part of what they learned: Children born in 1980 have no more than a 50 percent chance of earning more money than their parents, while kids born in 1940 had a 92 percent chance of making more than their folks.
The research uncovered that the trend downward has been exactly that, a trend. People born in 1950 had a 79 percent chance of making more than their parents, and those born in 1960 had a 62 percent chance of doing so.
According to CNBC.com, David Leonhardt of The New York Times sees the rise in income inequality, even more than a persistently stagnant economy, as the principal culprit, saying, “The rise of inequality has damaged the American dream more than the growth slowdown.”
In Leonhardt’s opinion, helping “more middle- and low-income children acquire the skills that lead to good-paying jobs” is the answer to turning things around.
Not everyone sees the American Dream as living on borrowed time, however, with many suggesting that the ability to start a business in the U.S. nowadays with little hassle and expense provides to everyone the fertile ground for cultivating great success.
As millionaire-entrepreneur Steve Siebold puts it, “It's not going to die anytime soon,” referring to said American Dream. “If you want it, it's there for the taking.”
By Robert G. Yetman, Jr. Editor At Large