Importance Of The American Dream

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Nicholas Kerrihard Ms. Alvarez English 1213 February 5, 2018 Title America has been seen as the land of opportunity, prosperity, and success since it was discovered in 1492 by Columbus. People from all over the world and all aspects of life, would move to America in hopes of having a better future. The American dream is an idea that everyone should have a better life and opportunity regardless of their social class or circumstances of birth. The American Dream is rooted in the Declaration of Independence which says, “all men are created equal” and have the right to “life liberty and the pursuit of happiness”, but as time has gone on, the American dream has become less of a reality and more of what its name entails, a dream. America has the…show more content…
Wealth is the value of everything a person owns, minus any debts they may have accumulated such as a mortgage on a house or credit card debt. When talking about the distribution of wealth, economists refer to wealth as “marketable assets” such as real estate, stocks, bonds and leave out consumer goods like cars and household items because they are not as “liquid”, meaning they are not as easy to turn into physical money. Wealth is very different from income. Income is what people earn from their jobs, interest, dividends, royalties, rents, etc. Someone may have a great amount of wealth, but not have a high income. Income changes based on how your investments turn out along with many other factors. A person’s wealth does not change much over the years unless they make a dramatic change such as buying or selling a house or business. Having a higher income helps people gain wealth because they can save or invest the money they don’t have to spend on necessities. With a lower income, after you buy all the things you need to get by, there is not a lot of money left over to save or invest so they are not able build their…show more content…
The top ten percent of American’s wealth continues to grow while the bottom 90 percent of Americans are getting less and less as the years go by. Wealth in the United States is extremely concentrated and in very few hands. In 1984 the upper-class was 3.4 times wealthier than the middle class and today the upper-class families are almost seven times wealthier than the middle-class ones and seventy times wealthier than the lower-class. The top twenty percent of Americans hold 89 percent of wealth in America, leaving only eleven percent of wealth for the other eighty percent of people. This means that twenty percent of people in America own 89 percent of practically everything. The top ten percent owns 88.5 percent of all investment assets such as business equity, stocks, trust, real estate, securities while the bottom 90 percent of Americans hold 73.5 percent of the debt and the gap is continuing to grow. Today the distribution has gotten so bad that the top 0.1 percent of Americans have more wealth than the entire bottom ninety percent of America
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