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What Happen To The American Dream?

673 words - 3 pages

It has been said over the years that America is the richest country in the world. A person could come to American and provide a good quality of life for their family. Once a person work they would be able to move up into the middle class. They would be able to buy a house, send their kids to school and enjoy a wonderful retirement. However, many Americans are slowly seeing that dream slipping away. They see their paycheck staying the same while prices for everyday daily household items increasing. Now the new saying is that the rich are getting richer while the middle class and the poor are lagging behind.
The gap between the rich and poor is increasing and making the middle class disappearing. According to Eisner & Gosling (2013), the top 1 percent saw an increase in their income by 58 percent while the 99 percent saw an increase of 6.4 percent growth (p. 177). On the other hand, Mackwen (2013), points out that, the top 1 percent has received more than half of the income gains since 1993 (p. 26). The shift of income inequality started to increase from 1960s while the deepest increase occurred during the 1980s (Eisner & Gosling, 2013, p. 174). The 1 percent in the 1980 had double their income earnings share while in 2007 it was twice as high surpassing the1980 number (Eisner & Gosling, 2013, p. 176). As a result, of the 1 percent earning, has left the middle class and the poor to get less of the income share.
The problem of concentrated distribution of income not being received by the middle class and the poor has lead to economic problems. Americans started to turn to credit cards to pay off their debts. The bottom 60 percent of income fell from 35 percent to 29 percent from 1980 to 2005 (Mackwen, 2009, p. 178). Americans realized that their dream of a good life was no longer in existence. Mackwen (2009), states that there has been a shift in power, ideology, and income...

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