By Victor Trammell
Many clichés have been made about the concept of American prosperity. The age-old catchphrase pitched to foreigners desiring to live in the U.S. has labeled America as “the land of opportunity.”
The process of obtaining a good education, landing a great job, and buying a house to start a family in has been coined as “the American dream.” A more sobering picture can be seen today after the reality of the late 2008 financial collapse. Add that vision to the paltry level of U.S. economic growth experienced during the subsequent Obama presidency, and the concept of American prosperity becomes a myth for a great number of the nation’s citizens.
It is not at all far-fetched to consider the concept of “making it” in America to be an outright fairy tale. Statistical facts prove that the only people in America genuinely experiencing a beacon of financial growth and economic prosperity are the group of individuals in the top one percent of the wealthiest Americans.
From 1979 to 2007, the incomes of the top one percent nearly quadrupled but the income of the average American increased at a pace a snail could beat. Obama echoed this troubling statistic in a July 24, 2013 speech he made about the faltering U.S. economy. Survey data suggests that the widening gap between the rich and poor, globalization, and the huge loss of U.S. manufacturing jobs are the main reasons for the disturbing trend of increasing poverty among Americans.
For a long time, whites have been considered to be the race in America doing the best financially. However, statistical data proves that perception to be a myth as well. A recent poll by The Associated Press (AP) found that whites in America are much less optimistic about their socio-economic status than they were during the late 1980s, which was during a time of misleading superficial growth engineered by so-called “Reaganomics.”
Marriage rates are also plummeting and this applies to all races of Americans. The amount of poverty-stricken households headed by single white mothers is starting to rival the amount of poor households headed by black women. The recent AP poll also showed that four out of five of all Americans are living in poverty, near poverty, or unemployed.
History has shown that a “great” nation will fail miserably when the needs of an upwardly mobile middle-class are abandoned. A thriving middle- class is a very important component of a strong national economy. Many severely impoverished “Third World” nations with historically great economic pasts are suffering today because they lost or forgot important historical lessons about maintaining a nation’s economic prosperity.
Non-white Americans are becoming a statistical majority in the U.S. but the number of non-white Americans in poverty is currently higher than whites. The ruling establishment’s historical responses to non-white poverty have either been non-existent or ineffective. A nationally stable financial well-being is in the best interest of people in every level of the nation’s social caste system, not just those at the top of it.
However, if the current trends of poverty continue to grow for a white population that is becoming a minority, maybe the predominantly white U.S. ruling establishment will finally get serious about America’s bad economic situation. America can look at many grim global examples in “Third World” nations that will eventually become its own reality if nothing is done about improving the channels of economic prosperity for all.