At least part of our recent economic turbulence can be blamed on what has become known as “The American Dream” - but which is, in fact, a gross distortion of this term’s former definition.
The current lifestyle goals of many Americans are to own their own home, own a couple new/newer cars and have children grow up to attend a university. For men, this often includes a white collar job (or at least a job with sufficient status - preferably “managing”, “supervisory” or “executive” something or other in the title) and for women, this also tends to mean a career in addition to motherhood. These two incomes keep enough money in the bank to stay a month ahead of the mortgage, bills and other debt payments.
Contrast this with the ideals that used to encompass this term: “The American Dream.” Originally, the associated with immigrants - who left places where they were less free to pursue their own goals in life and for their family. The American Dream first requires freedom. The primary mechanism of the modern American Dream, however, is unsecured debt, which is a contracted suspension of freedom. It is the modern equivalent of bond-service and, especially with consumer and lower-order goods, the very definition of short-termism.
Let me be clear that I am not speaking poorly of debt - especially debt that is wisely and responsibly used as a prudent financial tool. I am, however, asking how it is that values which were so fundamental to the growth of this country (especially from the 1860’s through the 1930’s) have been replaced by the trappings of a middle-class lifestyle without actual “lifestyle-capital” to back it up? Going into debt to get a house is not wrong (though it can be unwise), nor is debt for school or a small auto loan or something similar. But going into debt solely to obtain something now without regard for future returns or losses is not wise.
The original dreamers had to embrace practical realities in order to sustain and build towards their goals - which often took several generations to achieve. Namely: thrift, savings, ethics, closeness of family, hard work with little initial rewards and a vision to create and produce.
In many ways this is the exact opposite of the kind of virtues which are now embraced under the same term: excess, spending, expediency, broken families, rewards before work and an emphasis on recognition before achievement. Today’s American Dreamers want the dream first - no, they expect it first - and are content to push forward the creative efforts that make that dream to some obscure point in the future.
This has led to lifestyles that are exposed to even minor market corrections and poor investment decisions. Those who actually built their American Dreams rather than simply inherited them or presumed them, know that they can do so again. They have done it. But this modern Dream expects results to come first - and when they don’t come, are delayed in coming or are taken away due to a lack of capital - the modern American Dreamer finds himself dependent on others. In many cases, the Dreamer becomes a ward of the state or foreign producers.
This is why the New Deal, among many other reasons, was a so destructive. It taught people to depend on the hand of the state to secure their economic livelihood - rather than on those God and nature has ordained: ourselves, our family, our church. When we lose the understanding that wealth comes from work (and not from the benevolence of the state), then production no longer becomes valued - and hence, the society becomes poorer.
While there are, of course, many Americans who have gone through the required toil to achieve their goals - there are also many who, along with their possessions, own a mountain of debt (with interest). There are also some who are consuming the dream that their parents or grandparents worked for via an inheritance, gifts or just place financial dependency. But the American Dream was about producing something - adding to the material and spiritual wealth of one’s self, family and community (in that order).
In that sense, the American Dream is really about attitude. What are we pursuing and why are we going after it? Are we chasing vanity - material posessions or status for their own sake? Or are we utilising God’s great gift of freedom to wisely better our lives and the opportunities of our progeny.
The American Dream is not an entitlement we all have because we are born in a certain geography. The American Dream is a character trait which, when nurtured and allowed room to grow, brings out the best in each of us and articulates our future potential.
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