The Collapse of the American Dream

Via Armstrong Economics

The American Dream, where once upon a time, was when a parent saved to raise their children to have a perpetual better life than they had. Parents would save for their college education and they pushed their children to achieve. My father began saving the day I was born for my college education and law school.

Americans, no matter the circumstances of their birth, all shared freedom, opportunity, the right to build private businesses and enterprises, and a republic – “Representative Democracy.” We raised our children believing that they had a legitimate opportunity to live a better life than we did predicated upon their own skills and intelligence. We tried to instill a good work ethic, and that would provide good fortune for the future ahead.

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We Will Have To Reboot Our Standard Of Living To Survive As A Nation

Authored by Tom Chatham via Project Chesapeake,

In 1940 you could buy a nice cape cod style home for around $2,500. Someone entering the job market likely started out at $25 a week. A 1940 Buick with a straight 8 would run you $895 and up.

Why this stroll down memory lane? Because it is meant to show how much inflation has changed the price of things. When we still used money that was based on gold and silver, inflation was kept in check to some degree. Fractional reserve banking and excessive credit creation have distorted the value of things we depend on for life and we are coming to the end of that failed experiment. All of our recent prosperity has been paid for with our ability to print dollars out of thin air.

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