>> Clear your schedule for January 29, at 2 p.m. ET for… The “Millionaire-Maker” Summit.
The Oxford Club’s Chief Investment Strategist Alexander Green is going LIVE with the…
#1 retirement warning for 2025.
Alex says…
- “We are racing headfirst into what could be the final – most explosive – “tech boom” of our lifetime.
- The recent phase of this stock market has already created 600,000 NEW millionaires…
- But soon, the final phase of this market could be 2X, 3X, even 4X BIGGER.”
Get the details (and RSVP) here.
– Nicole Labra, Senior Managing Editor
Two weeks ago, I wrote about my FreedomFest debate with Dr. Gregory Clark, an author and economics professor who claims that the American Dream “is a complete myth.”
Yet it was his arguments that sounded like the tale of Hercules.
The American Dream is not just real. It’s part of our national identity; one all Americans should recognize and respect.
This country was built on three pillars: the Declaration of Independence (which proclaims that we are a free people with natural rights), the U.S. constitution (which is how we protect those rights), and the American Dream (which is how we exercise our right to pursue happiness).
Remove any of these three and the United States is not the same country.
It may surprise Dr. Clark to learn that Americans today enjoy a quality of life that is not only enviable but unmatched by most of the world’s population.
We stand out in several measures of economic wellbeing.
For starters, the U.S. has the highest living standard in the world, at four times the global average. According to the U.S. Census Bureau, median household income hit a record $80,610 in 2023.
According to the World Bank, you only need an annual income of approximately $60,000 to make it into the top 1% of the world’s income-earners.
(We are a nation of global one-percenters who regularly grouse about the richest 1% here rather than comparing ourselves to most of the world’s population, which envies the American middle class.)
Let’s set the poorer nations of the world aside for a moment, however.
Americans also have more purchasing power than most citizens in the West.
According to the OECD Better Life Index, the average household net-adjusted disposable income per capita in the U.S. is 68% higher than the OECD average.
It’s great to have more spending money in your pocket. But real security comes not from income – which tends to come and go – but from assets.
The median wealth per adult in the U.S. is $107,739. This is more than 12 times higher than the global median wealth per adult of $8,654.
These figures indicate that the American Dream is not only alive, but that millions of Americans have been busy achieving it.
There are several reasons why the U.S. has some of the highest living standards, household incomes and net wealth in the world.
We rank among the top countries in the world in personal and economic freedoms.
We have abundant natural resources, including plenty of minerals, arable land, and long coastlines.
We are a diverse nation that accepts people from all backgrounds and offers them equal opportunities.
We are a meritocracy. Most advancement is based on skills, persistence, and hard work – not connections, patronage, or luck.
We have a risk-taking culture that prizes innovation and success. Failure is viewed as a temporary stumbling block not a stigma that prevents future efforts.
And, of course, we have the world’s largest economy and a growth rate that is superior to most nations, with low unemployment and rising wages.
It’s hard to look at all this and conclude that the American Dream doesn’t exist.
However, Dr. Clark claims there is no social mobility here.
In his view, if you’re born to poor parents, you are likely to end up poor yourself. If you are born to middle-class parents, you are likely to rise no higher than the middle class. And if you are born into an affluent family, you are likely to end up wealthy yourself.
The idea that Americans can rise as far as their talents and persistence will take them, he insists, is fanciful.
Do the facts bear him out? They do not.
They refute him entirely, as I’ll discuss in my next column.
Note:. I’ll be speaking at FreedomFest again this year, one of my favorite conferences. It will be held June 11-14, 2025, at the Palm Springs Convention Center in California.
Also confirmed is Jim Rogers, the famous financial guru, who will be coming from Singapore to address us on “China vs. USA: Who Is Winning the Battle of the Super Powers?” Also, Larry Sanger, the co-founder of Wikipedia will speak on “The Threat of Centralized Control of Social Media and What Can Be Done About It.” My friend and colleague Mark Skousen will also be debating John Tamny, publisher and editor of RealClearMarkets, on his dangerous new book The Deficit Delusion. Skousen is also putting together a great panel on “What are the Best Inflation Hedges Under the Trump Era?” – which I’ve been invited to be on, along with Jim Rogers.
Take advantage of the “Super Early Bird” discount, only $400 per person, before the January 31 deadline. Go here and use the promo code OxfordSEB or you can call Hayley at 1-855-850-3733 ext. 201.
I look forward to seeing you there!
Credit: Source link
