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The ‘american nightmare’

The idea of reaching ‘a certain standard of living’ associated with the so-called American dream causes a good part of the population of the United States to live in the debt bubble in a society that is clearly discriminatory.

 

 Deisy Francis Mexidor

 

According to research on the subject, about 80% of the citizens of that country owe money, be it from student loans, mortgages or cards, so financial difficulties are part of the daily life of every generation of Americans.

In the opinion of some observers, citizens – in general – have come to believe that they have the ‘right’ to a certain type of house,

car and lifestyle that does not only include basic necessities, such as food, running water and electricity.

The worst thing – they comment – is that a part of them considers, for example, the latest mobile phone and a high-speed Internet connection as inseparable from all of the above.

A Pew study reveals that 69% of the inhabitants of the North American country says that debts are necessary, although they admit that they would rather not have them.

‘Consumer loans, car loans and, more dramatically, educational debts are the sectors in which consumer payment obligations are growing faster, says Kenneth Rogoff, a professor at Harvard University.

An article published by the BBC points out that the indebtedness of American consumers has already reached a new record: four billion dollars, the largest reported in national history.

According to the calculations, an average adult in the northern nation accumulates more than four thousand dollars in debt only on credit cards, which – without doubt – is a sword of Damocles hanging over the most vulnerable families who have no way to deal with their financial commitments.

The above corresponds with recent statistics from the WalletHub personal finance site, which states that the credit card debts of US consumers reached record numbers. An average household reports debts $8,600 dollars. For Dean Ledbetter, a veteran military officer quoted by the BBC, “this has been like the valley of death.” Debts ruined his health and left him bankrupt.

Some analysts remember that the impossibility of repayment opens the door to situations such as the Great Financial Crisis of 2008, when the bubble exploded and millions of citizens failed to pay their mortgages.

In tune with specialist findings, between mortgages, car loans, credit cards and educational allowances, an average family in the United States around $ 267,000 in debt.

Of course, this is problematic for the poorest 80% of the population, whose salary growth is well below what is needed to maintain the standard of living, much less to obtain the ‘happiness’ that the ‘American dream’ sells. (PL)

(Translated by Hannah Phelvin – Email: hphelvin@gmail.com) – Photos: Pixabay

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