American Dream Spoils, Burdens Professional Workers Most
Insurance behemoth MetLife
concluded that while there is no myth around the so-called 'American'
dream, the erosion of corporate benefits on the professional working
class places that dream at risk. Often called the 'American dream,' the
reference applied to the United States post-WWII in which anyone could
become successful and wealthy simply by dedication and hard work.
(Editorially speaking the term 'American' applies to all citizens of
North and South America, however MetLife used the term to describe only
citizens of the United States.) The MetLife Study of the American Dream reveals that the dream is being propped up by optimism in the United States; while a majority (66 percent) of citizens felt they have yet to achieve the dream, they remain optimistic about the future and feel it’s still possible to achieve success.
The study revealed that working professionals are deeply engaged in what can be characterized as a chase scene.
Corporations have shifted the burden of achieving their own Wall Street wealth to the employee, often through layoff and reduction of benefits (pension, health care etc.,) which places the professional workforce at great risk for financial hardships, concluded MetLife.
"Today, Americans are clearly feeling the impact of these increased financial burdens -- the debate about the future viability of government programs such as Social Security and Medicare, declining pensions and the growing affordability crisis -- and they are showing signs of financial stress," concluded MetLife.
That once called 'American dream' was defined with home ownership, a happy and secure family life, and financial security through a stable career -- but all has been profoundly affected by the corporate shift in recent years said Rob Henrikson, chairman and president of MetLife.
“With all the forces going against them, the affordability crisis, the bar continually rising and the feeling that the deck is stacked, Americans still want to believe in the dream,” said Henrikson.
Financial burdens and threats of layoff have made the 'dream' harder to achieve said Kevin Phillips, author of American Dynasty and Wealth and Democracy. Such a shift explains why the traditional macroeconomic indicators –- GDP growth, the unemployment rate, and household income –- "no longer strongly correlate with the public’s perception of the economy, or even their personal situation,” Phillips said.
The study revealed that six in 10 felt they carry more financial burdens than their parents did in years past; due to the dramatic increases in cost of living the majority now feel that their future is at risk as it becomes impossible to recover from financial hardships or layoff; 72 percent see the end of Social Security is near, 53 percent see the end of Medicare, and no group feels optimistic that federal legislators will find a solution.
"Americans work hard to take advantage of the economic opportunities that can make life better for themselves and their children," said Congressman Earl Pomeroy (Dem.-ND) about the study's findings. "But recent policy swings have shifted economic risks toward individuals while the rewards of economic success have become fleeting for many middle-class families."
Even though Congress itself is responsible for creating the burden of today through enabling corporate profits to supercede employee benefits, Pomeroy suggested that Congress should ensure national priorities center upon "a basic foundation of financial security, including the ability of all Americans to have lifetime income in retirement."
MetLife does not only blame corporations and the failed management of federal programs, but also blames society as a whole for its own wanton materialism.
“While the shifting burdens make chasing the American dream more challenging, as a society we’re making it harder with ratcheting (up) expectations fueling a constantly rising bar,” said Beth Hirschhorn, senior vice president at MetLife.
Hirschhorn concluded that the dream is out of reach for most, even though optimism is running on fumes (an analogy to an automobile on its final drop of gasoline.) "So, in order to reconcile or rationalize how hard it is to achieve the dream with Americans’ desire to hold on to this American ideal, individuals have redefined the dream.
"It's no longer a destination, it's a never-ending pursuit,” Hirschhorn said.
MetLife concluded that those born between years 1977 and 1994 believed they are under pressure to consume and possess more material goods than their parents due to social pressures driven by wealthier workers in their age group.
Sixty-six percent consider cell phones, Internet access, and cable television are necessities, rather than luxuries. However, the same amount of respondents indicated they do not desire to become rich -- only afford basic necessities.
Half of respondents felt that hard work results in a payoff. Some 86 percent said they work hard only to "get by" due to the soaring cost of living.
“Public policymakers, the private sector and the American public have a tremendous window of opportunity to come together to try to get the American dream back on track,” said Henrikson. “Our society must keep pursuit and achievement of the dream, which is so embedded in American culture, alive and well for future generations.”
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