Murika the beautiful Series #8

The promises of supply-side economics did not materialize for everyone. Americans living below the poverty line in the 1980s did not see any improvements in their standard of living compared to previous decades. There were fewer manufacturing jobs in 1989 than there were in 1979. Some economic scholars believe that Reagan’s economic policies killed a middle class that was already suffering from increased competition from foreign markets (Culbertson, 1986). Automation permanently eliminated some jobs. Technological advancements meant that more manufacturing work could be done by fewer Americans.
The national deficit increased by 142% during the Reagan administration. The deficit increase was due to increased military spending surpassing any cuts to government investments in domestic programs. Some economic analysts credit the economic improvements of the time to monetary policies of the Central Bank rather than Reagan’s fiscal policies. The Conservatives’ economic policies contributed to the growing economic inequality in America of the early 1980s. This trend continued as the top one percent of Americans accumulated more wealth at an exponentially increasing rate. A major tenet of the American Dream – the hope that the efforts of each generation would improve the lives of the next – began to erode.
America’s supremacy ended at the close of the 20th century as other countries emerged as political and economic forces. America was no longer the sole super power. The rise of other nations created new challenges, opportunities, and realities for the United States in the Post-American World. This gave rise to new definitions of the American Dream and what it means to be an American. Younger Americans no longer expect or want the lives of their parents and grandparents. The days of working for one company your whole life and then retiring are gone. Lifestyles that were once considered abnormal, immoral, or illegal are now being
accepted as mainstream. The majority of Americans accept and support the rights of same sex couples to marry. America, always a melting pot, is becoming more diverse. It is no longer a predominantly white country. The birth rate of minority groups is outpacing that of non-Hispanic whites. In the near future the demographics of America will be more evenly divided with no ethnic group dominating the population of America.