Why I believe the American Dream just died (op/ed)

[Hiraeth]

Last edited Sat Apr 23, 2016, 01:07 PM - Edit history (1)

Fortune
Dan Primack

(snip)

My breaking point came yesterday, upon reading a Legg Mason survey of affluent investors, which Legg Mason defined as individuals with more than $200,000 in investment assets. It found that just 55% of those surveyed believe that the American Dream remains within reach, with only 23% “strongly agreeing” that they are living proof of its existence.

Remember, these people are prosperous, by almost any relative measure of global or American life in 2016. Their $200,000 isn’t an annual salary. It’s the amount of cash sitting in bank accounts or investments that are designed to appreciate in value. It doesn’t even include the value of their home, or even their second or third. (Legg Mason excluded vacation properties.) It’s income after tax, mortgage payments, and literally every other past expense. There should be little worry about where the next meal, or next lifetime of meals, is coming from. If the car dies, these survey respondents can afford to immediately buy another one without the help of a financing plan (save for the event of an unexpected medical disaster or macro economic meltdown).

A few more stats from the Legg Mason survey:
But they don’t feel rich. And before you tell me that $200,000 doesn’t go as far as it used to, particularly in certain cities, please realize that only 36% of those with at least $1 million in investible assets “strongly agreed” that they had attained the American Dream.

-- 64% of those with annual household incomes of at least $250,000 believe the American Dream is now out of reach.

-- 62% of those between 55 and 64 years-old believe the American Dream is unattainable.

-- Women are 14% more likely than are men to believe the American dream is unattainable.

To be sure, the “American Dream” has no official definition, making it largely in the eye of the beholder. But when asked to give their top characteristics of someone who has achieved the American Dream, Legg Mason survey respondents said the following (in order):
1.Feeling financially secure
2.Having the freedom to live the way you want to
3.Being able to retire at 65 and live comfortably in old age
4.Owning your own home
5.Knowing that working hard pays off

(snip)

more at link:
http://www.msn.com/en-us/money/markets/why-i-believe-the-american-dream-just-died/ar-BBs7N9o?li=BBnbfcN&ocid=spartandhp