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Is the American Dream in Decline?
Open to Debate
Indicators of the American Dream's Decline and the Influence of Populism
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The rise in populism following financial crises, such as the 2008 financial crisis, is characterized by a turn inward, suspicion of foreigners, and the embrace of protectionism and restrictions on immigration. This surge in populism is linked to the impact of financial crises on the balance sheets of millions of households, in contrast to typical recessions caused by the central bank. The retreat from American leadership abroad, globalization, and international trade by both political parties is suggested to be more influenced by the response of the American people to the financial crisis than by an accurate assessment of whether those policies actually benefited Americans overall.
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