1.While liberal economist believe that the American dream is dead, King states it is alive and well, it has just changed. . a.Alive and more important than ever. But what is the American dream? b.James Truslow Adam's wrote that the American dream is “a land in which life should be better and richer and fuller for everyone, with the opportunity for each according to ability and achievement, regardless of social class or circumstances of birth.”c.King redefines the American dream as the “potential to work for an honest, secure way of life and save for the future”2.King explains that the American dream is now: steady job, financial security, retire without struggling and secure place of residence. No longer rags to riches.a.72% of Americans still b.believe it is possible to start poor, work hard and become rich in America. c.No longer about owning a home or car or other expensive goods.d.No longer rags to riches - middle class lifestyle saving money in secure employment. e.More people renting instead of buying.f.2009 survey: have changed spending habits and ¼ hope to save more money as a ⅔direct result of the Great Recession. 3.King expressed that although our economy is fragile, bailouts for large corporations and stimulus measures are helping it recover.4.King shares the opposing views that put the blame on inequality - economists Robert Reich & Paul Krugman believe that the American dream is dying because the rich keep getting richer and the poor are getting poorer. Krugman believes the government should step in to close the income gap. 5.King argues that just because there are more rich than poor, that doesn't mean the American dream is dead. a.The American dream is based on perception, the way someone imagines how to be successful. b.The government raised minimum wage to stimulate worker productivity and help close the income gap, however that does not really work. c.Raising the minimum wage makes labor more expensive and could force companies to cut back and hire fewer workers.6.King agrees with some economists and politicians that the income gap does not prevent many individuals from achieving the American dream.a.Government should provide incentives for businesses to hire more workers and increase wages therefore creating economic stability and security, which would make the economy healthier. 7.Opposition's argue that we should raise taxes on the rich and wealthy businesses in order to help close the income gap. But King responded that if we raise the taxes on the rich they will spend less therefore they're less likely to stimulate the economy.
8.Economist Cal Thomas as long as people believe they have a chance of becoming better off than they are today then the American dream is in tact. Says that "unrestrained liberalism" media inundates us with stories of struggling workers that the American dream is simply beyond the grasp of a vast majority of Americans. We should rely on the values of the American dream instead of trying to interfere with the enterprise that creates jobs and growth.
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