American dream in trouble
The US public’s economic mood has darkened considerably, with 86 per cent of people believing the US economy is headed in the wrong direction, according to a new study by MetLife.
According to the report, 93 per cent of respondents are working harder to make ends meet, which is up from 87 per cent last year.
Despite this apparent pessimism, a key finding from MetLife’s second ‘Study of the American Dream’ revealed that 85 per cent of individuals expected their own financial situation to improve as the year goes on.
The report stated that the “American dream is still alive despite growing concerns about rising energy costs, declining home values and rising levels of personal debt”, with 37 per cent of individuals surveyed believing they have achieved the American dream, which is defined as “financial security”.
MetLife chief executive officer and president C. Robert Henrikson said Americans are still deeply concerned about the country’s economic outlook, with 49 per cent expecting the overall economy to be worse in 2008 than 2007.
“As traditional safety nets continue to erode and the cost of daily living expenses rise, Americans are feeling a collective loss of optimism and control,” Henrikson said.
“On a personal level, however, Americans are gearing up to take their families into their own hands and believe that they will achieve the American dream in their lifetime.”
The report also revealed that approximately two-thirds or 64 per cent of individuals feel pressure as a result of diminished confidence in government-sponsored benefits and employer sponsored benefits, while 72 per cent believe future generations will face greater financial burdens.
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