The American Dream! Alarming Info!

[Landrover]

$130,000 per/year to participate in the often referred to American Dream! A piece of land, home, two cars, one vacation per year, hobbies, etc! The average income referenced was $51,000 per/year but I thought it was around $42,000.
35% of Americans are in default on a debt! Usually consumer debt (credit cards) to the tune of $5,200! The highest default rates are in the SOUTH and SOUTHWEST with McAllen, Texas leading the way with over 50-52% of adults with a 'default' on their credit report. (Must not be ANY TBHers down there as this group are experts with credit cards.......or this report was a bold-face lie to disparage south Texans.)
To further complicate matters there is a trend called "Corporate Inversion"......great article in FORTUNE MAGAZINE! It is a little known tax loophole that is being exploited at a alarming rate by US corporations that have a gaggle of lawyers at their disposal. Example: Buy a small company in another country and place your huge company as a subsidiary of that small company.........thus pay no taxes back in the US where the MASS MAJORITY of your profits are made. Many economists consider this un-patriotic, theft or sheer greed. Some defend the practice, saying the shareholders deserve the greatest return on their money and the somewhat shady practice is legal. Others say the practice is LEGAL..... but all things that are LEGAL are not ethical business practices when it damages the nation as a whole. I can relate to both sides as a American citizen that is also a business owner with 27 employees. I do know it is a symptom of the myriad of issues that contributes to the minimum chance of most never attaining the seemingly mythical American Dream!

[JHT]

The old American dream is dead.

Our politicians have re-written the books on what it means today.

[Landrover]

The old American dream is dead.

Our politicians have re-written the books on what it means today.

I don't think the politicians were the ones changing the playing field as much as I cannot stomach them.
I would point at the EZ credit lenders (banks) that said, "you can have the dream NOW, no need to wait and EARN IT like your forefathers, just put it on CREDIT!"

[JHT]

I don't think the politicians were the ones changing the playing field as much as I cannot stomach them.
I would point at the EZ credit lenders (banks) that said, "you can have the dream NOW, no need to wait and EARN IT like your forefathers, just put it on CREDIT!"

There's plenty of blame to go around for sure. People have to be held accountable for their own actions as well.

[Landrover]

There's plenty of blame to go around for sure. People have to be held accountable for their own actions as well.

U ain't never lied......great summation actually!

[icetrauma]

There's plenty of blame to go around for sure. People have to be held accountable for their own actions as well.

This is true. Now a days people want instant gratification. They want that 3000 sq ft house and Mercedes in the driveway right out of college. Example, look at how often cell phones come out and there is always a wait in line to get the latest and greatest. Easy credit with fast talking lenders, who are after their bonus, willing to give out risky loans to meet quotas. Look at vehicle loans these days. 20 yrs ago, you couldn't finance a vehicle for more than 5yrs now, you can do it for up to 7 yrs? Are prices really that out whack with actual income?

[elkbowhunter]

Eyes on Jesus

[ladrones]

Just write in Goldman Sachs or GE if your a democrat. Walmart or Exxon if your a RINO. Many other corporations qualify as well.

Attack each other and give the Republican/Democrat regime a free pass to continue the same path we have been on for many years.

[Thumper]

The old American dream is dead.

Our politicians have re-written the books on what it means today.

Its not dead but it has been re-written, remember that hope and change deal. Full compliment of entitlements adds up to a 76k annual income.

[sweldo73]

I don't think the politicians were the ones changing the playing field as much as I cannot stomach them.
I would point at the EZ credit lenders (banks) that said, "you can have the dream NOW, no need to wait and EARN IT like your forefathers, just put it on CREDIT!"

Politicians are partly to blame, as we have one of the highest corporate tax rates in the world (35%). Those corporations are in business to make money . . . can't hardly blame them for wanting to invert overseas.

In Steve Jobs' biography, he recounted a meeting he reluctantly had with Obama where he lined out what he felt leads so many companies to offshore - lack of skilled workers, too many regulations, and a high corporate tax rate. I realize that these are not all Obama's fault, but this just serves as a good example of how our government has contributed to the downfall of the American dream, as it were.

An article about Jobs' bio: http://townhall.com/columnists/katie...bama/page/full

[Catarina]

MAJORITY of your profits are made. Many economists consider this un-patriotic, theft or sheer greed

You lost me there

You cant put the words "your profits" and un-patriotic and greed in the same sentence.

I like how politicians and economists can call somebody greedy for protecting their money, yet they have no problem stealing money through taxes.

And I wonder how a business man can be "un-patriotic" when his company and products create jobs and gives thousands of American families everything they own. If it wasn't for the company and/or the products that company makes, those families wouldn't have the material things that they own. I know that when I sign a paycheck, its not just a check - its food, its clothes, its car payments, its a mortage payment, its a family vacation, its birthday presents, its Christmas presents, its school supplies, its new toys, its a light bill, a gas bill, and a cable bill.... its a smile on countless faces

[bphillips]

The old American dream is dead.

Our politicians have re-written the books on what it means today.

Oh it's not dead there just aren't as many people willing to work for it. My generation is pretty bad about it and its only getting worse but some of us bust butt for that dream still and I am living it plus some. All I had to do was show up and work whether rain, shine, sick or healthy. I missed alot of what people call "living" now so they can watch me living the real dream later.

[flywise]

My life is good , great wife, 2 great kids, house reliable vehicles and great careers.
Our Real American dream will start 4.5-5 years from now when we are 100% debt free
Thanks to 2 jobs and Dave Ramsey

[Neuse]

In reference to all the above, plus everything else going wrong in our country.

Will we ever our country back?

In the face of all things Washington, it looks impossible.

[deer farmer]

You can still have the American dream, Like the freedom to have what you want, and do mostly what you want. You just have to work hard for it. The problem I see is the over taxation without representation, A politician gets elected who believes in lets get the Business man, cause he makes to much money. He does not represent me Lets face it the system is set up for re-distribution of wealth through gov taxation. I own a company and I am paying out the ying-yang on Taxes. #1 - I pay the company Fed incomeTaxes at 35%, And again I pay it as my personal taxes also. And by the way, That's over taxation #2The same goes with State income taxes (Louisiana) the Company pays and I pay personal state income taxes. #3 The state of Texas charges me Franchise Tax for doing business in Texas, And the same Franchise tax in Louisiana. #4 Property Taxes in both states. #5 Sales taxes every where no matter what state you are in.
With all of this it is still possible to have the dream but it sure not easy.