Task: Write a 10 to 12 page paper in which you use evidence to support your position on whether or not the American Dream of each generation being able to achieve a level of success equal to or better than the previous generation can still be realized.

Objectives: This paper has two broad objectives. The first is for you to critically and thoughtfully evaluate the impact that recent social and economic trends have had on the well-being of American individuals and families. Completing this task will help you understand the context in which your future financial planning clients live and make decisions. Possessing this type of understanding distinguishes our graduates from those of other programs, and is a quality that employers of our grads have appreciated. The second objective is to give you practice in doing quantitative and qualitative research. Completing this task will enhance your skill in obtaining data, evaluating data quality, using research results to support a position, and reporting research findings clearly, concisely, and correctly. This is a vitally important skill to have in financial services. Your success in the industry will depend to a large extent on your ability to take a large amount of numerical and statistical data and present it to clients in a form they can readily understand and act upon.

Things to think about as you write: Throughout the semester, we have considered how well-being should be defined and measured. Readings and discussions of pro and con views on various issues during the semester highlighted two realities. One, values play a large role in directing the choices we make and the actions we take as individuals, as family units, and as broader communities. Two, we make those value-based choices in a society and economy that can expand or constrain the number and type of options from which we choose.

At the beginning of this course, we developed working definitions of individual, family, and social values. We defined "family" and noted the expectations society has of "family." Once those definitions were in place, our exploration of the ability to achieve the American Dream began. Our discussion of the impact of dual earners on family well-being raised several questions. Does it really take two incomes to "make it" these days? Have we raised our expectations of what is included in "the good life" without giving serious consideration to what we have given up to get that life? Are we simply greedy materialists? Are the current generation just lazy, spoiled slackers who expect to have success handed to them rather than working hard to achieve it? Do we feel deprived because we look at what our parents had when we left home instead of what they had at our age? Or, are we struggling to provide basics in an economy and society that is very different from the one in which our parents and grandparents grew up? Do we expect work and consumption to answer the significant questions in life - who am I, why am I here, where am I going, what must I do to be saved (or accepted)? Has time required for work and for obtaining and maintaining "stuff" crowded out meaningful relationships and community involvement in our lives?

Answering questions like these gives us insight into how successful we really are in America today. Can your generation achieve a level of success equal to or better than the one realized by the previous generation? To find out, we have examined or will examine trends in income, wages, jobs, taxation, consumption, household debt, poverty and wealth. We will also examine the impact of rising health care costs and an aging population on achieving the American Dream and see how the U.S. compares with other industrialized countries on a variety of economic and demographic measures.

Specific Paper Instructions

 1.               Take a clear stand on the American Dream

Select a Thesis Statement

OR…the Dream is changing…OR…an original thesis (must be instructor approved)

3.               Measure Well-Being in 3 major parts of American life [30 points]:

a. Select topics

Section 3 of your paper MUST include, at a minimum:

¨     at least one table and one figure/graph/chart properly formatted and referenced in your paper

¨     two specific supporting quotes from State of Working America

¨     one supporting quote from any other reading material used in the class during the semester

¨     one reference from an outside source that is relevant to the assignment

4.               Evaluate effectiveness of federal government rules and laws in improving family/household economic well-being

Go to: http://www.whitehouse.gov/issues/economy Select ONE laws/proposals that President Obama has either signed into law or has advocated that is directly related to household economic resources. Specify the action that the federal government is proposing to take or has taken in detail. Critically evaluate the potential effect of the given federal government action on more than one type of household (e.g. those in poverty vs those not; households stratified by income level, race, region, etc.). What exactly would happen, to whom, why, and how long? Compare your findings for the different household types. Would outcomes be similar or different? Why?

State whether or not you believe the proposed action will help or harm families in the short and long run. Consider implications of the legislation carefully. Often, laws designed to fix one problem will lead to other problems. Avoid simplistic generalizations, evaluations, or conclusions.

5.               Compare and contrast what you found out about your 3 trends with

a.                What is currently happening in Missouri

i.                 Is the snapshot of your three measures (one related to economic well-being, one related to spirituality/life purpose, one related to community well-being) in Missouri similar to or different from national level trends in those measures? Explain. Be specific.

b.               The economic life history of someone aged 65 and older

i.                 Briefly describe the life circumstances of your interviewee

ii.               Consider your interviewee’s life and choices in the context of our examination of the American Dream over the semester and in light of your research on your three well-being measures. In what specific ways does your interviewee’s life and choices correspond with or provide a counterpoint to what we have observed and discussed? Give supporting quotes or references as appropriate.

6.               Reflect on your work

a.                Restate your position on whether or not your generation can realize the American Dream. Recap the specific reasons why you believe the dream is or is not still in reach. To support your stand, give evidence from: (1) your research on trends in three components of well-being; (2) your assessment of well-being in Missouri using those measures; (3) your assessment of intergenerational differences in economic and social conditions from your interview.

b.               After completing the assignment, briefly respond to each of the following questions:

1.               What did you find was the most difficult aspect of measuring well-being?

2.               What was your most surprising finding?  What made it so?

3.               What are the strengths and weaknesses of measuring well-being? Is it better to use quantitative or qualitative, objective or subjective, absolute or relative measures? Explain.

4.               What role do you see values playing in choosing the items to include in well-being and in choosing how to measure those items

5.               What can we learn from measures of well-being?  What can't we learn from such measures?