The American Dream was once a white picket fence pipe dream for incoming immigrants who wanted to start their own life in the U.S. Now, small businesses are claiming its harder and harder to obtain the so called “American Dream.” But in order to understand why they’re failing at it, we have to first redefine what the dream consists of in modern day.
50 percent of modern Americans believe part of the American Dream is owning a home, but even that is a stretch. Millennials are reporting that their wages barely allow them to afford rent, let alone a mortgage for a house. Another group of Americans say the dream is just being able to live “as they please.” Whether this means being comfortable in an apartment, not having any debt, or some other means, the point is that people don’t want the same dream as before.
Small businesses are saying that they’d rather take on more business debt rather than personal debt, as their priorities have shifted. This is probably due to the fact that the average small business takes in over $72,000 in loans, with 25% of all small businesses taking on even more than that.
With these insights, we can now better understand why the American Dream has become so hard to obtain for the average, middle class small business owner. Make sure to watch the whole playlist above to learn how the whole concept of the American Dream has shifted.
