Before the industrial and technological revolutions, Social mobility it was a concept that colored the most ambitious, aspirational and fictional tales. Regardless of time or location, an individual's social class was almost always irrevocably determined by the conditions and background from which they came.

After the Great Depression of the 1930s, our nation's leaders dreamed of making America the ruler of all on the back of a stupidly simple but compelling ideology—the American Dream. America vowed to be the land of opportunity where every individual could become whatever they aspired to be. No matter what. Social and professional mobility propelled America to new heights—but more importantly—it set the stage for what would become decades of parabolic growth and the birth of highly profitable, significant entertainment, financial, and sports industries.

Go forward a little further, and to your surprise, you may mistake yourself for going back in time. In today's post-American Dream world, many people operate within class constraints, similar to the 19th century. The realities that plague us today are inescapable: they are embedded in weak monetary policy, a growing disdain from other world powers, and the remnants of capitalism.

Our parabolic growth has not only stopped, but it seems as if we have turned the clock back a few years. All this is different is that we have things like the iPhone and Uber Eats. With the last years of inflationthese luxuries have become easily accessible, while the cost of necessities like bills and rent have put the nation in a rut.

Connected: Breaking the Bank: America's Multi-Trillion Dollar Banking Problem

Damned if they do.. Damned if they don't.

According to the latest from the Federal Reserve Bank of New York Household debt and credit reportAmericans have more than $1.1 trillion credit card debt. The days of proper balances trending negative on the back of those 'life-saving' stimulus checks could no longer be behind us. All that remains are today's problems fueled by yesterday's solutions.

Of course, it is widely documented that COVID-19 relief reduced economic hardship; however, it may also be the case that these same controls may be partly responsible for the inevitable erosion of the Average Joe's spending power—a prime example of how the powers that be are not immune to poor and short-sighted decision-making, regardless how critical it is to make the right decisions.

This, in combination with accelerating corporate layoffs, the daily impact of auto debt service and mortgage loans Given tighter monetary policy and more, this contributes to the reality that life now feels invincible.

1. The Fed has made minimal progress on inflation despite higher interest rates
2. Even higher rates would put the entire economy at risk of systemic failure
3. Aggressive monetary policy could backfire and force the Fed to completely reverse course and cut rates

While none of the above comes as a surprise to most, what has been a growing concern is the uncertainty of what might happen if apathy and hopelessness overtake the general sentiment of the American population. Utter chaos is likely to ensue if the average American realizes that even the most prestigious jobs and degrees won't provide us with the life we've spent decades working for.

The value of College degree fell in the span of a few short years after the pandemic, while at the same time having any material amount of debt became crippling. Sure, you're “smarter” than most, but the life a college education affords you is no longer something to brag about.

Month-long trips to Europe, luxury shopping and McMansions sound good on paper, but are now more or less out of reach for the vast majority (despite what social media sometimes convinces us otherwise). That said, 2024 marks a new era of the new normal, although, ironically, that new normal is quite often the norm elsewhere.

Connected: Why the American dream is dead

CONCLUSION

Life is hard – always has been. However, it is not meant to be this difficult. Nor was there any real indication that the prosperous times of our past would not somehow find a way back to us again. What we are experiencing now is the American Government's best effort to move the stakes for what the American Dream requires. That way, the American car can continue to rock, given how challenging times are.

And for what it's worth, even if Jerome Powell can stop inflation by waving a magic wand, do you think the elite would want that? Inflation is the worst enemy of the average Joe, but the best friend of the rich. On the road to becoming rich, the poor may have to pay 45%. capital gains tax or something, right? Again, the game is impossible.

These are the virtually inevitable effects of late-stage capitalism. All are highly skilled, well connected and looking for work, while the work is getting harder and harder. All the time, everything is getting more expensive. Perhaps the most difficult obstacle to overcome is consumerism. Our desire for more, our obsession with wealth in American culture and how we can't escape it all because of our embeddedness in social media is deeply troubling.

I worry that we are not too far from a world where “no's”, “I can't do it” and “maybe next time” start to become the norm. And yes, recessions and economic hardships are a necessary part of life; however, this is not it. This is a particular shift in American history, where many of the luxuries that motivated us to work in the first place are slowly falling out of reach, and it's only a matter of time before something really breaks.