Tag Archives: President Clinton

Bill Clinton: “The American Dream has been under assault for 30 years”

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Former President Bill Clinton, speaking as part of the 10 year anniversary of his foundation, said “The American Dream has been under assault for 30 years.” He says this has happened for two (actually three?) reasons:

1. The challenges of globalization and the information age “which eliminated a lot of intermediate jobs.”

2. Corporations once had more equal responsibility among shareholders, communities, and workers (roughly 35-40 years ago and earlier) whereas today they act as individuals only beholden to shareholders.

3. A thirty year long anti-government rant that says “the government is the source of all our problems.”

Is this just a list of Democratic Party talking points?

More seriously, Clinton’s first point is well accepted: the world has changed. Globalization and information have changed the American and global economy and America is still struggling to catch up. The Rust Belt cities of the Northeast and Midwest are a great example: the departure of good-paying manufacturing jobs has shifted the landscape and cities and states are still scrambling to fill this void. The second issue regarding corporations is also notable: the quest for profits and meeting shareholder’s expectations has seemed to increase. The gap between CEO pay and that of the average worker has only widened. The median income for all Americans has dropped while some corporations earn record profits. The third point sounds more like a political argument though Clinton’s suggestion that there has been a relative lack of interest in public-private partnerships to address some of these issues may have some merit.

Clinton is in a long line of presidents who have promoted the American Dream which is typically thought to include homeownership, a good education, and middle-class standard of living. It would be interesting to hear what Clinton now considers to be the American Dream to be and how individuals and the country can achieve it. A measure of the American dream, homeownership, actually had increased in the last 30 years until the last few years of economic crisis. Is Clinton suggesting that fewer people now have access to the American Dream or something else?

Additionally, Clinton’s words have some sway since the public perception is that he was the president who presided over the last boom era in the United States.

Homeownership rates back to 1999 levels

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With the economic and housing troubles of the last few years, the homeownership rate in the United States is now down to 66.9%, the lowest level seen since 1999:

The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said Tuesday. That’s the same as the April-June quarter.

The last time the rate was lower was in 1999, when the rate was 66.7 percent.

The nation’s homeownership rate was around 64 percent from 1985 through 1995. It then rose dramatically during the Clinton and Bush administrations, hitting a peak of more than 69 percent in 2004 at the height of the housing boom.

The economic boom played a large role but both Clinton and Bush pushed homeownership across the board as an unmitigated good for America and its citizens. How will current politicians respond regarding homeownership? We received a number of pieces of campaign literature in the mail this election season where both Republicans and Democrats talked about helping to save homes. Will owning a home be seen as something that helps uphold the American dream or will the rhetoric change?

Still issues regarding welfare and poverty to be solved

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Even though the welfare debate in America has been limited recently (or perhaps people think it was a relic of the Clinton presidency), several new books have been published challenging the idea that there are not problems still to be solved. One of the books found that those who were once on welfare but then took jobs did not come out ahead:

But Stretched Thin challenges this supposed success story. Even in the prosperous economy of the late 1990s, it shows, finding a job was not usually a ticket out of poverty. Co-authors Sandra Morgen, an anthropologist, and Joan Acker, a sociologist, both at the University of Oregon, and Jill Weigt, a sociologist at California State University, San Marcos, surveyed more than 900 people, most of them white single mothers, who were taken off the rolls in Oregon or denied welfare benefits in early 1998. They found that more than half — 55 percent — wound up taking jobs that paid wages at or below the poverty line. Two years later, the authors found, nearly half still had family incomes below the poverty line.

If the goal of the welfare reform was to help people move permanently out of poverty, these books suggest there is a lot more work to do. And now with more Americans living in poverty, this could be the time to start working on the complex set of challenges.