The subprime mortgage fiasco is hitting global financial markets and individuals pockets like a massive hurricane.
The powers that be in DC and Wall Street let this happen. The American public put their trust in DC and Wall Street, and look what happened. Millions of Americans are upside down and now millions of Americans are paying for the lack of judgement and leadership in DC because they let this happen. Why? Goverment bailout = taxpayers paying for the bailout. The US deficit is hovering around $10 Trillion and increasing at a rate of about $1.8 Billion PER DAY!
Wall Street and DC have encouraged American families to pursue a
perverse, hyper version of the American Dream.
Sadly, the American Dream has been skewed to the point of encouraging and fostering individual consumption beyond their general capacity to pay for the ride. For what?
The American Dream has to change, FAST, for two MAJOR reasons:
1) The American Dream (or perverse version of it today) has to become sustainable - financial sustainable for families, i.e. not spending beyond their means and financially sustainable for the country, which it obviously is not.
2) People from countries around the world aspire to the level of lifestyle that North Americans lead. Common sense dictates that this aspiration is not sustainable financially and environmentally - there is not enough planet to go around for that level of consumption. We have to do the right thing now, not just for us, but for the rest of the world.
Take a look at current issues in the U.S. - a housing crisis, a health care crisis and employment crisis. This reminds me of Maslow's Hierarchy of Needs. Our basic physiological needs include food, water and sleep. Our safety needs (next step up) include security of property, security of health and security of employment...three basic needs, all of which are at risk in the U.S.
If many American families are not feeling the security of these three primary needs, how on earth can they extend beyond to needs such as security of family and friends, self esteem, creativity and morality?
Consumerism has become an unsustainable replacement for what we believe to be higher levels of needs (I've got a Hummer, therefore I am respected).
A new American Dream has to morph out of this crisis and the climate crisis. A dream that focuses on secure shelter, secure health care, secure employment and a secure future for our children.