America, as represented by the ideological premise “American Dream”, has innumerable opportunities to which people can exploit for their success and prosperity in addition to upward social mobility for children and families, that is a result of hard work and reduced societal barriers. There was a gradual shift in the perception of hard work as a distraction of what the fate describes as a tool of self-realization and actualization. The dream of upward social mobility was so successful and the lives of people gradually improved in terms of having increased pay (income), accumulating wealth as well as having access to education (Wyatt et al., 2011). Excelling and prospering was evident in the light of legitimacy of individuals which was in turn a blend of factors like being of the right state of mind, natural capacities, buckling down, and being of good character. This was more of a belief than the imagination of Americans that it was the way the system worked.
America has in history suffered 13 economic recessions, but the most profound and the longest financial and economic …show more content…
Though nearly all of them were hurt in one way or another, there are some groups of people who suffered more than others. For instance, there was a disproportionate share of the job losses among the blacks, young adults, and the Hispanics (Putnam, 2016). Men lost many jobs that women did. Further, those with less education were hit harder than those with college degrees. The great recession, resulted in America, having the smallest rate of social mobility compared to other industrialized nations. The prosperity in America was being propped up by borrowing funds from sovereign wealth funds from countries like China. The recession is said to have eroded more household wealth than any other recession in American
America has in history suffered 13 economic recessions, but the most profound and the longest financial and economic …show more content…
Though nearly all of them were hurt in one way or another, there are some groups of people who suffered more than others. For instance, there was a disproportionate share of the job losses among the blacks, young adults, and the Hispanics (Putnam, 2016). Men lost many jobs that women did. Further, those with less education were hit harder than those with college degrees. The great recession, resulted in America, having the smallest rate of social mobility compared to other industrialized nations. The prosperity in America was being propped up by borrowing funds from sovereign wealth funds from countries like China. The recession is said to have eroded more household wealth than any other recession in American