| | | July 10, 2015 | Issue #2584 | |
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The $15 Retirement Secret (Really)...
Please... Don't make another financial move until you review our secret for a far wealthier retirement. Over time, it can mean MILLIONS more in your pocket. Yet you can get started with just 15 measly dollars! Details here. | |
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Is the American Dream Lost? Alexander Green, Chief Investment Strategist, The Oxford Club
Editorial Note: Last Friday, we kicked off the Fourth of July weekend with an essay from Alex's latest book, An Embarrassment of Riches, titled "Why We Are a Truly Exceptional Nation." But many of you disagreed with Alex's thesis. Reader Marlin commented, "You are living in a dream world, where you look at things the way you want them to be rather than as they are." Ron also believes our situation is hopeless... at least as long as we continue to elect individuals "who manage only to hasten the decline of our once great nation."
Yet Alex remains undeterred. In today's column, he explains why he believes America is still the land of opportunity. Once you've read his thoughts, we hope you'll share your opinion on our site.
 The United States has historically been shaped by an ideal - a national ethos - that this is a land where we all have an opportunity to rise as far as our talents and persistence will take us.
It's called the American Dream.
Yet it has come under fire recently. Many - especially in academia and the national media - say that it not only doesn't exist but never did. The very idea is a mirage, a fantasy.
Last month, the University of California even issued a new faculty training guide in which professors were warned not to make the following statements to students:
- "America is the land of opportunity"
- "Everyone can succeed in this society, if they work hard enough."
- "I believe the most qualified person should get the job."
These phrases are considered discriminatory speech and a potential "micro-aggression."
It's easy to dismiss this as just the latest bit of nuttiness out of Berkeley. But the college warned professors that using these phrases could get them disciplined or fired, especially if they aren't tenured faculty members.
Can the folks holding these views be serious?
As a heart attack. In fact, I'm debating one of them - Professor Gregory Clark of UC Davis - at FreedomFest in Las Vegas this week.
In an essay published last year in Foreign Affairs, Dr. Clark argued that "the American Dream was always an illusion." He claims the United States "has no higher rate of social mobility than medieval England or pre-industrial Sweden" and this is "shattering people's dreams."
He contends that most people in this country are born into a particular social status and will stay there their entire lives. So will their children, grandchildren and great-grandchildren.
In short, it's not education, persistence or pluck that determines your economic outcome in this nation. It's the birth lottery.
Notions don't get much more dispiriting than this.
But is it true? After all, you often hear these sentiments echoed by populists in the halls of Congress or on the campaign trail...
Fortunately, it's not true. Not even close.
The American Dream is alive and well today. And over the course of the next few columns, I'm going to detail the specific steps investors can take to achieve it.
Let's begin by defining our terms...
There is no single American Dream. There are many. Part of the beauty of living in this country is the opportunity to create and follow your own.
In my view, the original charter of the American Dream is the nation's founding document. The Declaration of Independence declares our inalienable right to "life, liberty and the pursuit of happiness."
Unfortunately, when Thomas Jefferson wrote "all men are created equal," he meant it quite literally. Men had rights. White men. More specifically, property-owning white men.
It took a Civil War, women's suffrage and civil rights to make this vision more "There is no single American Dream. There are many...
"Part of the beauty of living in this country is the opportunity to create and follow your own." | |
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inclusive. And while racism and discrimination still exist in some quarters today, they are no longer institutionalized roadblocks.
Despite this greater access to opportunity, however, millions of men and women today do not achieve their economic potential. There are various reasons for this.
Some are born into unfortunate circumstances. Entering a competitive, free-market society without a foundation of love, supervision and discipline is like starting a foot race in a 10-foot hole. It makes it much tougher to win.
Education reform - and particularly school vouchers that give parents and students better choices - would help counter these social disadvantages.
Yet, even still, very few people get rich off their wages. For most, it takes money compounding over a long period to generate financial security. The good news is the possibilities for doing this today have never been greater.
There are more mutual funds, ETFs, and individual stocks and bonds available than ever before.
Many employers automatically enroll their workers in 401(k) plans. Hundreds of mutual fund families and brokerage houses offer no-minimum IRA accounts and low-minimum regular accounts. Virtually any man or woman can access thousands of high-quality investments through Charles Schwab, E-Trade, Ameritrade, Scottrade, Fidelity and other discounters.
Yet many people don't take these steps. Some lack the discipline to save. Others lack the confidence or knowledge to invest.
But there is a simple remedy for this, one that allows virtually anyone to enjoy a greater measure of financial security.
And that - in addition to countering Dr. Clark's claims - is what I will cover in my next few columns.
Good investing,
Alex
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In the spirit of American patriotism, today Investment U Plus subscribers are discovering an all-American company that's been part of the Oxford Trading Portfolio since 2010 and still rated a "Buy." It's a proven stock with a storied history of big gains. To find out how you can get all the details, click here. | |
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It doesn't matter what side of the political aisle you lean toward... If you want to make money over the coming months, follow this megatrend. Read On... | |
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Free enterprise is the foundation of economic liberty and the great source of our prosperity, as Alex explains in this essay from his latest book, An Embarrassment of Riches. Read On... | |
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