- Describe American attitudes about the American Dream during the Great Recession of 2009 compared to other times.
- How is wealth distributed in the United States?
- Explain the Gatsby Curve. What is the relationship between inequality and social mobility?
The “American Dream” definition to American is that America is a land with endless opportunity, freedom and unlimited resources. Besides that, everything can be possible and everyone is equal in this land. Each American has their own dream such as having own home, financial stability, creating equally and etc. Before the Great Recession of 2009, 19 percent of American believed the America Dream is related to economy and 20 percent of American believed it is related to freedom and opportunities. However, after the Great Recession in 2009, fewer people believed their dream is about material success because earning money was harder and harder than before. In despite of that, most of American still believed the American Dream. Barry Glassner explained the phenomenon: “You want to hold on to your dream even more when times are hard.”
Although American Dream mentions every people is equal and has fair chance, the wealth distrusts in the United State is inequal. The top 20 percent of the entire population such as CEO, super stars, and entrepreneur own almost 80 % of whole United Stated income. However poor people such as serving workers, dishwashers and cashiers only get just 1% of U.S income or even less than 1. There is a huge gap between the poor and the rich.
This gap has existed since 1985. Gatsby Curve is a measure of economic mobility. The income distribution is on the x-ray and economic mobility is on the y-ray. Base on the Gatsby Curve, U.S income distribution was larger than any other countries. Then in 2010, the income inequality became more serious. The rich is richer and the poor is poorer, top 20% American control more wealth than the others because they get higher education and have more opportunity. However, in New Zealand and those European countries, their income distribution and economic mobility are not even a problem. Therefore, the Gatsby Curve implies that the social welfare is not good as American expectation.