American dream

A new poverty risk calculator, co-developed by Mark Rank of the Brown School at Washington University in St. Louis, can determine an individual’s risk of poverty based on four basic factors: race, education, marital status and age.

In a landmark new book, sociologist Mark R. Rank, PhD, explains why the chase for the American Dream has gotten out of reach for many.

In “Economic Realities of the American Dream,” professors Steven Fazzari and Mark Rank examine the ­American Dream’s historical meaning, the ­traditional pathways to reach it, the current obstacles to achieving it and its viability in the future.

Is the American Dream slipping away? Maybe, says Mark R. Rank, PhD, one of the country’s foremost experts on inequality and social justice. “More than at any time in our past,” Rank says, “there are serious questions regarding the American Dream and its applicability to everyday people.” Rank’s new book, “Chasing the American Dream: Understanding What Shapes Our Fortunes” (Oxford University Press 2014) is out.

“With President Obama now approaching six months in office, some have suggested that we have gone beyond race as a major dividing line in society. Yet nothing could be further from the truth,” says Mark R. Rank, Ph.D., professor of social work at Washington University in St. Louis. “One of the fundamental fault lines in American society continues to be the ongoing racial disparities in economic well-being.” Using 30 years of data, Rank examined three key factors in attaining economic well-being: owning a home and building equity; attaining affluence and avoiding poverty; and possessing enough assets to survive economic turmoil, or a “rainy day fund.” “The results indicate that within each area, the economic racial divide across the American life course is immense,” Rank says.

Recent economic events have shaken the confidence of many Americans with respect to their ability to achieve the “American dream.” “With rising numbers of home foreclosures, job cuts, and loss of savings, more Americans are encountering severe periods of economic risk and insecurity in their lives,” says Mark R. Rank, Ph.D., poverty expert and professor of social work at Washington University in St. Louis.

In the 21st century, the key to remaining competitive with China, India, and the rest of the world will be innovation, a national core competency that will play a critical role in the battle to preserve the American Dream. This view is the subject of a forthcoming book, written by Kenneth Harrington, managing director of the Skandalaris Center for Entrepreneurial Studies at Washington University in St. Louis, and Robert Skandalaris, founder and chairman of Noble International Ltd. While America was built by entrepreneurs, and continues its stronghold on innovation, the co-authors contend that it is no longer a forgone conclusion that America will lead the world in innovation.