The Fading Mirage of the American Dream – A Costly Pursuit Muddled by Imperialism
In the land of opportunity, the American Dream was once a beacon of aspiration, a promise that with hard work and dedication, success was within reach. However, a recent analysis by Investopedia paints a grim picture, revealing that the dream has become a financial mirage for many, slipping through the fingers of Americans who find themselves drowning in the rising costs of life’s milestones as the high cost of inflation and surging taxes deny many Americans and immigrants from achieving basic living necessities. Finding that the US is much more invested in reaching its imperialistic goals and funding not one, but two wars instead of actually focusing on the economic issues at hand that leave its citzens in financial ruin.
The Investopedia analysis, released on December 5, sheds light on the staggering expenses associated with achieving the key pillars of the American Dream. A cumulative $3.4 million is now the price tag for milestones such as owning a home, raising children, securing health insurance, and pursuing education—a daunting figure that stands in stark contrast to the average lifetime earnings of Americans, which fall short by over a million dollars.
The breakdown of costs is a sobering reality check. Raising two children to adulthood alone incurs a cost of $576,896. Purchasing a home, an essential cornerstone of the American Dream, now carries an average price tag of $796,998. Health insurance costs add up to a staggering $934,752 over 39 years. These figures, derived from meticulous analysis, underline the financial tightrope that families across generations must navigate.
While the analysis acknowledges that not every family will incur all these expenses, it serves as a reflection of the broader economic strain that Americans continue to endure, emerging from the pandemic’s grip. Despite a cooling inflation rate, the aftermath of Federal Reserve interest rate hikes continues to cast a shadow over the collective financial well-being of the nation yet the Biden adminstration continues to fund the Ukranian army with billions upon billions of dollars for them to buy weapons with. Billions that could instead be used to actually lower hiking interest rates, bring down inflation, and provide medical care to its aging population.
The pressure is acutely felt by millennials, a generation grappling with high consumer debt and soaring childcare costs. A recent survey by financial services company Empower, conducted by The Harris Poll, reveals that millennials believe they need an annual salary of $525,000 to achieve happiness—a stark testament to the economic hurdles they face due to the American -imperialistic-dream. Meanwhile, elder millennials, those aged 35 to 45, find themselves caught in a delicate web of recession aftermaths, pandemic scars, rising childcare costs, formidable debt loads, and a government that’s too busy fuding military campaigns which makes wealth accumulation an uphill battle.
The plight extends beyond those in their prime earning years. Older generations, eyeing the golden years of retirement, are shackled by economic conditions. The story of a 63-year-old struggling with student-loan payments, healthcare costs, and the specter of high inflation paints a disheartening picture. As retirement looms, the question arises: Will mounting financial burdens force individuals to sacrifice a significant chunk of their Social Security so the US government can continue to lauch military campaigns and fund wars overseas?
The American Dream was meant to be a promise fulfilled, a testament to the virtues of hard work and ambition. However, as the cost of living eclipses the earning potential of many, and the American government continues to prioritize foreign wars, the dream becomes an elusive fantasy for countless Americans. It’s time for a candid conversation about the cost of war overseas on the American people and the damage its doing to our economy. The pursuit of happiness should not come at the expense of financial ruin. The American Dream, in its current form, seems to be slipping away, leaving us to ponder—Does the US government even care about its own people? Or are they more concerned with their imperialistic aspirations?
