Is the American Dream Dead? - podcast episode cover

Is the American Dream Dead?

Feb 02, 2025β€’12 min
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Episode description

Welcome to the latest clip of Black Out with Ian & Rashad where hosts Ian Dunlap and Rashad Bilal dive deep into a topic that touches everyone's lives: Is the American Dream dead? πŸ‘πŸ’­


From the foundational myths of upward mobility to the harsh realities of today's economic landscape, Rashad and Ian dissect the very fabric of what many believe to be the "dream." Rashad opens the discussion by recognizing the appeal of America for entrepreneurs and go-getters. Yet, he quickly transitions to a sobering critique of the societal norms that portray a middle-class life as the pinnacle of success. He argues that the idea of attaining the American Dream by simply working hard and climbing the economic ladder is a myth.


Rashad highlights the structural issues within the mortgage system, explaining how the banking system manipulates the concept of homeownership. He points out how the vast majority of Americans are buying homes they can't afford, leading to catastrophic outcomes such as mortgage defaults and long-term debt. He underscores the fact that most Americans live paycheck to paycheck, making them one step away from financial ruin and even homelessness.


Ian then shifts the focus to the broader implications of this crisis. He questions who the American Dream is really for and posits that while it may be dead for the average citizen, it's very much alive for financial institutions. Ian paints a stark picture of the middle class's erosion, driven by ever-increasing debtsβ€”from credit card bills to student loans.


Both hosts draw a connecting line from individual debt to societal control, pointing out how actual wages have stagnated while the cost of living has skyrocketed. They reveal a troubling reality where most people can't afford basic necessities without relying on more debt, making the notion of the American Dream more of a nightmare for many.


Join us as we explore these pressing questions and hear Rashad and Ian's unfiltered thoughts. This is a conversation you don't want to miss!


*Timestamps:*

00:00 - Intro

00:13 - Ian's Opening Question: Is the American Dream Dead?

00:52 - Rashad on Entrepreneurship in America

01:57 - The Mortgage System and Middle-Class Myth

03:09 - The Economic Strain and Homelessness Risk

04:35 - Ian on Financial Institutions' Perspective

08:08 - Final Reflections and Call to Action


*Key Takeaways:*

  • The myth versus reality of the American Dream
  • The financial traps embedded in the mortgage and credit systems
  • Why the middle-class dream is more of a nightmare
  • The societal implications of indebtedness and stagnant wages


*Hashtags:*

#BlackOutPodcast #AmericanDream #EconomicReality #DebtCrisis #MiddleClass #FinancialFreedom #HomeOwnership #StudentLoans #EconomicDiscussion #IanAndRashad


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Transcript

Speaker 1

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Speaker 2

I have a question for you to start the week, and it was a controversial take, but I think as a conversation that's needed to be had is the American dream dead.

Speaker 1

Yeah.

Speaker 2

I know, they say, y'all unlucky, y'all entrepreneurs, you live in America. Shout to you for Trump supporters in here, go back to where you came from. Yeah, I hear you. But at scale, it's a conversation that needs to be had.

Speaker 3

What do you think? Yeah, for sure, that's how we start the book off, for sure. So you know it's definitely a little controversial, but I look at it like this, as far as I'll speak on the good side. First, if you're an entrepreneur, if you're trying to really chase your dreams, America is flowed in a lot of ways past and present, but there's no place like America. Only in America. That was the slogan for Don King. So America is still a place Trump.

Speaker 2

I'm like, boy, hold on, hold on, don remember Don King?

Speaker 3

That was only in America, that was his thing.

Speaker 2

Yeah, I kill it. We gotta talk about the black culture votures one day, but go ahead.

Speaker 3

He's a legend though.

Speaker 1

For sure.

Speaker 2

I'm not taking that away.

Speaker 3

Yeah, yeah, for sure. But you know, when you look at the situation, as far as you know, if you really America is a place where you can really get busy, put your head down twenty four months, make the right moves, and you can really really change your life in America. So I'll start off saying that. Now, as far as the American dream, when I'm referring to a lot of times when I speak about the American dream being a lot, is that this idea that if you work hard and

you make it to the middle class. Then that's the golden level of life and you can, you know, retire at sixty five and you can send your kids to college and every that to me is a lot. The middle class is a product the mortgage system in America is the product of the banking system. So the idea ofkay you moving from and now we're seeing the reverse.

People are moving from the suburbs to the city. But the idea that you move from the city to a low ink, from a no income neighborhood to a suburb to admit mid to you know, doing okay neighborhood has some level of security. It's not true. You actually probably have even less security because at least when you're paying rent, you're just paying rent. Wor worse that happens is you

missed the rent and you get kicked out. The worst thing that happens when you the fault on your loan is that you could actually get sued and now you got four hundred thousand dollars that you got to pay and then it ruins your credit forever and then you So it's actually way worse to the fault on a mortgage than it is to just not pay your rent. You could just walk out on the rent payment. But the thing about it is this, most Americans are buying

homes that they can't afford. That's why you need to watch the show tomorrow. Most Americans are buying homes that they can't afford. So when you when you're putting something on heavily over a debt, so you're going debt tremendous amount of debt to make sure that you're living somewhere. But the average person doesn't have four thousand dollars in savings.

So what that tells me is that that's why we have to have compassion and for homeless people because we don't know how they got there, either from the mental aspect or the financial aspect. But the vast majority of people are not far away from being homeless, right, We're all just one decision and one paycheck away from being homeless.

So you got to think about this stuff right where it's like, Okay, if you have four thousand dollars saved, then that means that you're living pretty much paycheck to paycheck. And if something happens for a month, let alone two months, right, if you don't have family, you're gonna be out on the street. That's not a dream to me. That's more of a nightmare. So you got to you gotta leverage the next thirty years to live in a home that you can't afford, work every single day to make sure

that you just make sure you're maintaining that level. Right, then you're sending your kids to college. The college is thirty thousand, forty fifty thousand dollars a year. Man, the average person, the average person. I just said, that person got four thousand dollars in saving, So how they're gonna pay thirty thousand dollars a year. Well, what happens you student loans. So now you're in debt from your house.

The kids are in debt for their education. They're getting degrees most of the time, that's not even going to really advance them in life. So they're starting life out with one hundred and fifty thousand dollars to the loan debt and they're still not even able to find a job. Right. And then when you look at it from a standpoint of wages have stayed the same for the last thirty years for the most part, but the.

Speaker 2

Cost of adjusted for interest rates.

Speaker 3

And inviation, the cost of living has gone up tremendously, So it's like a it's like this on the chart. So if wages are staying the same, the cost of living is going up. The next question is how people able to survive, how they buy in groceries. Is it's a direct correlation to why credit card debt is at are all time high and every year it becomes a new all time high twllions of dollars of credit card debt. Right because the difference that people are not making in

their income they're supplementing putting it on debt. So you're living somewhere that you can't afford, You're sending your kids to school for them that they can't afford. You're putting yourself in debt on the on the home, you're putting yourself in debt for the school, and then you're putting yourself in even more debt to even just live day to day life. That to me is a triple recipe for disaster. We don't even talk about car payments and in other and other forms of debt. So that's not

a dream, that's a nightmare. That's what most people. But psychologically you can say, okay, well, I'm still doing better than I was or somebody that's in abject poverty because I'm not, you know, waiting on food lines and I'm not starving. I have meals coming in. I could go to Miami two times a year. But it's like that dream is to keep you something. It's like putting a carrot in front of the rabbit, but having them on

the treadmill. You could see it. Because if you're an abject poverty now you you well, you don't have no hope. That's when you revolt, right, But when you got to keep you some level of hope, and they got to keep you some level of your better than somebody else. So that's the trick even with like white supremacy, with poor white people that they feel like at the very least they're white. So they made them feel emboldened by

that because they might not have anything else. But they're like, Okay, I still feel good about myself because I'm white, living in the portance, living in the poorer states in America, having you know, health issues. Can't read all types of shit, So I just see that as a trap to the American dream. That's not real to me. That's more of a nightmare. But that's my humble opinion, How do you feel about.

Speaker 2

It when statements like this are made. I always like to go to the origins of it, and I would love to ask the question American dream for whom I didn't say America and dream for citizens. So if I look at the banks, if credit card debt is that the highest has ever been, mortgages are higher than they've ever been, the average payment for a car is I read seven hundred and seventy two dollars per month, which

is insane. And then if undergrad loans are higher than ever and now there's degradation in even going to college and having a pathway. Like most kids who go to school now they don't know what career path are going to take. At least when we went to college, or the thought was in elementary and high school, go to college, you'll get a job, damn mere, Guaranteed you won't have

any issues. I think the American dream may be dead for the middle class, but for those who put this financial level of economic terrorism together, I think the dream is live and well for them for sure. I don't think anything at this scale happens by accident. And I've always said it like the middle class has been eroded, and people try and push back on it, but when you look at the actual data, people are suffering at scale worldwide while the middle is being crunched. So yeah,

do I think the American dream is dead? For the citizens? Yes. For the institutions, I think they're happier than ever. Because now if I have a class of people that we're doing well, and I somewhat eradicate them through AI or scaling inflation corrections in the market market manipulation, I can control the population a lot better than a post and if everyone is doing well. So But you guys put it in the comments, what do you think is American

dream live and well? But the picka fins go to college guaranteed employment?

Speaker 4

No, that's over with An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang member from El Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught

because of President Donald J. Trump's leadership. I'm Christy nom the United States Secretary of Homeland Security under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fine nearly one thousand dollars a day, imprisoned, and deported. You will never return. But if you register using our CBP home app and leave now, you could be allowed

to return legally. Do what's right, leave now. Under President Trump, America's laws, border and families will be protected.

Speaker 3

Sponsored by the United States Department of Homeland Security,

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