Debt free and financially secure at retirement. That’s how
people now define the American dream, according to a new study by Credit.com.
Here are all the results:
Define the American
Dream
Retiring financially secure: 27.9%
Being debt-free: 23%
Owning a home: 18.2%
Graduating from college (paying off
student loans): 6.0%
Joining the 1%: 3%
Other: 11.4%
None: .2%
Don’t know/no response: 8.5%
Only one problem with the survey: Credit.com gave these
options to the participants, as opposed to asking the open-ended question, What is the American dream? Everything
that Credit.com asked about has to do with money: Nothing aspirational or
non-material. Just a bunch of financial objectives, each of which may require
credit or other financial services.
The natural question is whether Credit.com’s selection of
options reflects its natural concern for money matters or does it reflect the
social ideals of the 21st century. In other words, is it more subtle propaganda
from the financial industry or a true representation of how we now define the
American dream?
The concept of the American dream sounds as if it has been
around since Europeans rediscovered North America at the end of the 15th
century. The actual term, however, can only be traced back to James Truslow
Adams (1878-1949), born rich. Adams first use the term in his The Epic of
America, written at the height of
the depression in 1931. To Adams, the American dream is “of a land in
which life should be better and richer and fuller for everyone, with
opportunity for each according to ability or achievement...It is not a dream of
motor cars and high wages merely, but a dream of social order in which each man
and each woman shall be able to attain to the fullest stature of which they are
innately capable, and be recognized by others for what they are, regardless of
the fortuitous circumstances of birth or position.” (Thanks, Wikipedia!)
That pretty much sounds like the dream imagined by Martin
Luther King 50 years ago, a dream that’s defined in public terms as a more
perfect society. This American dream is defined by opportunity, fairness,
democracy and the pursuit of happiness. King tinges the dream with social
justice as well, the idea that we must not only create opportunity for
everyone, but also make certain that everyone has a minimum living standard
deserving of all human beings.
Once James created the concept, it didn’t take American
industry, led by the advertising industry, long to privatize and commercial the American
dream: Privatization involved making the dream a matter of an individual
attaining success as opposed to society becoming just and equitable.
Commercialization derived from the fact that industry defined this success
solely in terms of material possessions. No wonder the media, entertainment and
advertising industries have all been called the “great American dream machine.”
A perusal of the contents of the first few pages of a Google
search of “the American dream” reveals that most people writing on the subject
combine the public and the private versions of the American Dream. Virtually every definition spoke of the
American dream being the opportunity to work hard and achieve success.
For the most part since the Baby Boomer’s parents came home
from World War II, the private part of the American dream has comprised owning
a home and living a car-and-mall-centered life in the suburbs. We know the
suburban dream has failed. We have created a society with a bottomless thirst
for fossil fuels and a natural predilection to waste. It’s a social order that
cannot be sustained over time, because of the twin demons of global warming and
resource shortages.
I would assert that the suburban lifestyle isolates people
and individuals, leading to a greater sense of privilege and self-satisfaction
among the happy and successful, a greater sense of isolation and hopelessness among
the unhappy or struggling. The privatization of the American dream has inured
us to the suffering of others, so that many of us are only too willing to deny
food stamps to the hungry and starve schools of funds because we send our kids
to private schools or don’t have any. By
only including individual dreams and making them all the attainment of
financial goals, Credit.com feeds into this isolating selfishness.
The Credit.com study ends with a few questions about who
will achieve the American dream. About 78% think that they will attain their
dream—be it financial security at retirement or owning their own home—but only
41% think that others will attain the American dream. I infer from these twin
answers that Americans do not believe that their own success or aspirations are
tied to those of others or to society as a whole. It’s every person for him- or herself as we
each pursue our individual success in isolation from everyone else. This approach will surely work for the wealthy
captain of industry, but for the 99% without wealth it is a less sure path than
working together and helping each other. Remember that in Martin Luther King’s
dream, we all walk together, black and white, rich and poor.
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