The 21st Century emerged uneasily from the dust of the twin towers. We the people, already stunned, went on to experience a decade filled with bursting bubbles and economic turmoil. It is no wonder that many people, especially older people, are doubting the American Dream. "What will be left for our children, our grandchildren?" my clients ask.
The American Dream is indeed 'in transition', at least for the middle class, where most of us reside. The growth generated by the WWII boom, the baby boom and the surreal credit boom has tapered off. Generations X and Y, the workers supporting the retired, disabled and needy, are woefully small in number compared to the boomer masses. The math is simple. We all understand that changes need to be made.
How we approach these changes will depend upon the outcome of the next election. For whatever reason, democracy (championed by the Democrats) and capitalism (championed by the Republicans) have become opposing forces. The funny thing is, the vast majority of Americans believe in both. The American Dream is comprised of both.
Regardless, I believe that we are intelligent enough and resilient enough to navigate through our current financial conundrum. I hope that we can do it with our values intact. I personally see good things coming out of our transition. People are turning more to things that really matter. People are getting their financial houses in order. People are finding contentment with less. These all bode well for our collective future.
Registered Principal, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Wilcox Financial Advisors, s.c. are not affiliated.