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Before the industrial and technological revolution, social mobility was a concept that shaped the most ambitious, aspirational and fictional stories. Regardless of time and place, an individual's social class was almost always irrevocably determined by the conditions and lineage from which he or she came.
After the Great Depression of the 1930s, our nation's leaders dreamed of making America the ruler of all, based on an incredibly simple but compelling ideology – the American Dream. America promised to be the land of opportunity, where any person could achieve anything they wanted, no matter what. Social and professional mobility propelled America to new heights – but most importantly – it set the stage for decades of parabolic growth and the birth of the highly lucrative, meaningful entertainment, finance and sports industries.
Fast forward a little, and we may find ourselves in the past, to our surprise. In today's post-American Dream world, many people live in class constraints similar to those of the 19th century. The realities that plague us today are inescapable: they are embedded in bad monetary policy, a growing disregard for other world powers, and the remnants of capitalism.
Not only has our parabolic growth stopped, but it feels like we've turned the clock back a few years. The only difference is that we have things like the iPhone and Uber Eats. Inflation over the past few years has made these luxuries easily accessible, while the cost of necessities like bills and rent has put a stranglehold on the nation.
Related: Breaking the Bank: America's Multi-Trillion Dollar Banking Problem
Damned if they do. Damned if they don't.
According to the Federal Reserve Bank of New York's latest Household Debt and Credit Report, Americans have over $1.1 trillion in credit card debt. The days of negative balances due to “life-saving” stimulus checks are far behind us. What remains are today's problems, exacerbated by yesterday's solutions.
While it is well documented that Covid-19 relief has reduced economic hardship, it cannot be ruled out that these same checks are also partly responsible for the inevitable erosion of the average citizen's purchasing power. This is a prime example of how those in power are not immune to making bad and short-sighted decisions, even though it is crucial that the right decisions are made.
Combined with the increase in corporate layoffs, the day-to-day impact of servicing auto and mortgage debt in the face of tighter monetary policy, and more, this contributes to making life feel unbeatable today.
- Despite higher interest rates, the Fed has made minimal progress on inflation
- Even higher interest rates would expose the entire economy to the risk of a systemic collapse
- An aggressive monetary policy could backfire and force the Fed to make a drastic U-turn and cut interest rates
While most will not be surprised by the above events, the uncertainty of what could happen as apathy and hopelessness overtake the general mood of the American population is increasingly disturbing. Utter chaos will likely erupt as the average American realizes that even the most prestigious jobs and degrees do not allow us to live the lives we have worked for decades.
The value of a college degree plummeted within a few years of the pandemic, while at the same time any significant debt became crippling. Sure, you're “smarter” than most, but the life a college education affords you is no longer something to brag about.
Month-long trips to Europe, luxury shopping sprees, and kitschy McMansions sound good on paper, but are now more or less out of reach for the vast majority (even if social media sometimes tells us otherwise). Yet 2024 marks a new era of the new normal, though ironically that new normal is often the norm elsewhere.
Related: Why the American Dream is Dead
Diploma
Life is hard – it always has been. But it is not meant to be that hard. And there was no sign that the prosperous times of our past would not somehow return to us. What we are witnessing now is the American government's attempt to move the goalposts of the American dream. This way, the American machine can keep running despite the difficult times.
And even if Jerome Powell could stop inflation with a magic wand, do you think the elite would want that? Inflation is the average person's worst enemy, but the rich man's best friend. On the way to wealth, poor people might have to pay 45% capital gains tax or something like that, right? Again, the game is impossible.
These are the virtually inescapable effects of late capitalism. Everyone is highly educated, well connected, and looking for work, while at the same time it is becoming increasingly difficult to find work. At the same time, everything is becoming more expensive. Perhaps the most difficult obstacle to overcome is consumerism. Our desire for more, our obsession with opulence in American culture, and the fact that we can't seem to escape it all because of our entrenchment in social media is deeply disturbing.
I fear we are not far from a world where “no,” “can't,” and “maybe next time” become the norm. And yes, recessions and economic hardships are a necessary part of life, but that is not the case here. This is a clear turn in American history, where many of the luxuries that motivated us to work in the first place are slowly becoming unattainable, and it's only a matter of time before something really breaks.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
