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WWL>Topics>>6-5 8:15am Tommy, is the American Dream alive?

6-5 8:15am Tommy, is the American Dream alive?

Jun 5, 2014|

Tommy talks to Erin Currier, the Director of Financial Security & Mobility Research at the Pew Charitable Trusts, about whether the American Dream is still attainable

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Automatically Generated Transcript (may not be 100% accurate)

And -- say a study out by the while narrowly -- -- a research project dubbed by the pew research group. Pew Charitable Trusts and it concerns the American dream for me the way I was raised the American dream always was. You'll own your own home you buy it you pay the mortgage and eventually it is yours nobody can take it away from it. But -- courier joins us right now director of financial security and mobility research. At the Pew Charitable Trusts an -- people. Are not is optimistic guy guesses it comes of their American dream. Well you know it's really an interesting question he has connected to public opinion polls both circuits carrying -- immediately after the recession and and we equated the approximate them more than seven in ten Americans that they had achieved -- what issues the American -- complaint in their lives. But this latest poll by CNN. Show a little bit more -- them and that's. Understandable given the fact that -- there's no really trying to recover from the latest recession. It it was there any. You know it seems like pretty subjective thing with the American dream is was there any. A definition -- that give an error did it mean different things different people and averages asked about the American dream. And our public opinion polling lead did that people pay that fine and we connected focused -- had a are pulling at. -- really interest -- how much uniformity there is definitely that people think about the American dream. Pretty much every Valentine's Day as your children being better off -- you know. Owning a home getting college degree and really shifting the definitions. Being rich and being metal -- Actually believed popular definition given by Americans. So it's not. In the in terms of I guess it. Labeling as much as it is what it means to them. Yeah I Pitt which incidentally look are pulling the heat that the idea of the American dream and not just a cliched notion pure Americana that -- really something that it. Part of our national -- -- And built on a belief that the United States and is exceptional and his ability to promote equality of opportunity. So Americans identify where it working hard with prenatal. And believing that. When you do those things you will have economic success. Do people -- was his address at all in terms of associating this with the American dream. Being able work hard to rise as high as you can be whatever you wanna be the world rejoiced or make -- unlimited money if in fact to work hard enough for it. Does that factor into the middle class rich American thing and all. Well there's no question that Americans believe. So strongly in personal responsibility. They -- personal attribute Blakey say hard work ambition and at the other really key drivers of economic access current individual and for our family. And that -- structural things like the economy. Aren't as important. And you know that that people really have control over there on my eyes and her -- economics -- But I think in terms that definition being middle class but as part of -- -- that the American dream it's not necessarily what Americans are going for her in our polling -- he is. People aren't -- -- in. Having enough money to pay their bills every month and be able to put a little bit of money and I -- four. Their retirements for their kids to college. Just probably well at night and you know that's not a terribly high bar for people to want to buy it can. One thing I've heard anecdotally it is about parents young parents still have student loan of -- of their own. That they're trying to pay off in their kids are now on a college. They have student debt so the idea of the parents being held that they've been able to help the kids financially. At least in terms of student dead isn't there because parents are still paying off their own student debt -- I mean I think and Aaron about. The whole notion of parents being able perhaps -- their adult children money for a down payment help them get started. Did is that still is prevalent as it used to dealer parents struggling themselves of the kids. Either have to live with them or find their own means to buy a home whatever it is they want him. Love is such an important question particularly as the cost of college as he factors in the region inflation -- the -- then and now we eat at student loans that is. LP and all other forms that they added to that except for a mortgage debt. So this isn't huge problem for -- is particularly because we know that post secondary education is such that he tried her upward mobility. The idea that -- need help each other across generations is absolutely the -- We look at pack as the a measure had certain financial support but also. And the -- we called social capital just being able to Turkey you can imagine the positioning your parents there and helped you in really small way is backed -- that can add up. As Gelman they're feeling the pressure and the crunch and lots of different areas of the great question as to how that -- and -- next generation. And here's comfort level involved too and I'll only say personally and again anecdotally. Both my parents have passed away I -- did the the one to when he will years ago won ten years ago. And -- -- an adult it was always nice to know that there was somebody -- just in case the worst would happen. And and I you know I hate to say that was a 45 year old orphan but in a way that they -- as a way it is and you realize you're all on your own so I think there's also something to be said. For you and maybe -- more willing to take risks if you know somebody would be there in case -- worst happens and anchored. They involve investment entrepreneurship at setter. It -- in their career there really is good data and good at it and petition that there is sort of actually in summation of -- across generations and leaking this so clearly in and the ability data when you consider the fact that. Most people who are. Am raised at the top ten of the income distribution. And of the wealth distribution. Green means they remain in the -- -- -- -- of the adult. And similar leave people cooler raised in the bottom end of the income and while distributions. Tend to be stuck there -- -- overtime. So there is asserted that they call. Intergenerational. Wild antics generational poverty that we have served in the -- And I appreciate your time I really deal I think is very inducing stuff and I hope we talk to you again. -- --

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