The myth of The American Dream

Escrito el 25 septiembre 2011 por Miguel Aguirre Uzquiano en Economía de EEUU

Regarding the data published by the US Census Bureau last Sept 13th, there are more poor people in America now that any other time in the 52 years records have been kept.  For a family of four, poverty means earning roughly $22.000 a year.

This new poverty crisis has emerged in part of the economic crisis.  The fastest way to poverty is job loss and 6.5 million jobs have been lost in the recession.  Today almost two years into the recovery, more than 9% of US citizens are still out of work.  The turning point for them could be in the recession of 2000, after which poverty levels did not drop back to previous years as they typically do after a recovery.  This might be a legacy also of the previous two decades of globalization, where millions of middle income jobs were lost to outsourcing or replaced by technology and salaries became more and more compressed.  In a world of high unemployment, lower wages and growing poverty the fiction of upward mobility is becoming ever more difficult to sustain.  While Americans historically haven´t been as inclined ad Europeans to riot over inequity (See the protests in Athens, London or Madrid ), will them fight for bringing back the American Dream or will they consider it as a myth?

On Set 26th at 10.30 it will take place at The Assembly Hall of the IE Business School a seminar:

“The internationalization of the Spanish SME in the USA”

The attendance is free. In order to obtain information or confirm, please contact Yolanda Bueno (Yolanda.bueno@ie.edu)


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