The American Dream is a concept rooted in the cornerstone of American culture. It's a term that means more than just hope and aspiration: it's the embodiment of the American spirit. The American Dream – officially defined in 1931 by historian Truslow Adams – proposes the idea that in America financial freedom, social equality and a high standard of living can be achieved through hard work. According to Nobel Prize-winning economist Joseph Stiglitz, this inspiring idea, rooted in the hearts of millions of honest and hard-working Americans, will be just a myth that exacerbates the socioeconomic gap between American families. However, this widely held myth continues to motivate Americans to persevere in school and work in hopes of reaping the rewards of life in America. Furthermore, the promising prospects of living in America also drive a wave of immigrants seeking to get a taste of the American dream – yet none of these would-be immigrants have truly witnessed the realities of life in this country. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The reality is that the American Dream is an absolute myth manifested by a flawed education system that has led to socioeconomic disparities and inadequate social welfare policies that contribute to an increase in poor families who will never have the chance to experience promise of financial freedom. By far, the most significant aspect of the American Dream is the promise of education. Education not only provides fertile ground for intellectual and interest development, but also provides students with the opportunity to expand their social network. However, this educational promise is simply a myth as students face a multitude of problems that inherently limit their options for further education. Debilitating factors such as the cost of education, increasing competition, and lack of public school funding all contribute to declining graduation rates and, more importantly, discourage students from advancing to higher education as l university and graduate school. These trends are especially troubling because, according to a 2017 article, the United States continues to spend less money on education each year despite being one of the world's major economic and political powers. More specifically, the United States spends approximately $11,319 per student – ​​a 5% decline from previous years – while other less developed nations such as Turkey, Israel and Portugal are increasing educational expenditures by 76%, 32% and 24% respectively in the over a period. 4 years. What is more concerning is that the reduced education budget is being funneled into correctional facilities such as prisons to address the mass incarceration rates of the last decade. The final trade-off is that students are unable to thrive in school due to cuts to sports programs, recreational activities, and after-school programs. Especially for high school students, the lack of education funding becomes a significant disadvantage as financial aid programs are unable to offer adequate loan programs for students to enroll in their dream colleges, and even worse , federal loan servicers are starting to raise interest rates making it harder for students to repay their loans. As a result, the opportunity to acquire a solid education at private universities is reserved for wealthy, established families – or asmost people define the 1%. As far as 99% of the population, or perhaps working and middle class families, are concerned, the American dream is out of reach. Perhaps the consequences of educational inequality are difficult to understand without considering its implications for family income and job prospects. Unlike the American dream, educational inequality is not a myth. Indeed, educational inequality is clearly defined in educational research as diverse. The study finds conclusive evidence that family income is a key factor associated with college attendance. New studies find that more than 64% of students residing in low-income families ($325,000 per year) attend a private or public institution. Similar reports find that at 38 top universities across America, students from high-income families are twice as likely to gain admission as their low-income counterparts. In a 2015 interview with CNN Money, the eminent Nobel Prize-winning economist Joseph Stiglitz explains this phenomenon as “income segregation,” in an America where family income is the central factor dividing America into two distinct populations : the rich and the poor. Regarding academic achievement specifically, Stiglitz argues that students from high-income families have a wealth of educational resources that students from working-class families may not necessarily be able to afford, including access to tutoring services, online text solutions, expensive preparation booklets for standardized programs. exams, etc. However, there are definitive social factors that are distinguished due to family income discrepancies. Stiglitz finds that students from affluent families are, on average, three times more likely to acquire internship opportunities, twice as likely to be involved in an educational or recreational sports program, and score nearly a deviation higher on standardized exams compared to low-income students. students. According to Stiglitz, living in a different geographic location can also affect educational outcomes because wealthier cities have large education budgets to support more enriching academic programs and are able to afford well-trained and experienced teachers to help students succeed. further diminished by unequal access to employment opportunities as students from high-income families are more likely to find work in high-paying sectors such as biotechnology and information technology, while students from working-class families are more likely to acquire minimum wage jobs or become unemployed in search of better job opportunities for which they are less qualified. In a study conducted by the journal Chief Information Officer (CIO), it was found that students from low-income families fall into a “vicious cycle,” which is a socioeconomic term that theorizes the perpetuation of an income gap as different opportunities of life – produced by family income discrepancies – limit students from deviating significantly from their current socioeconomic conditions. To put it simply: the rich stays rich while the poor stays poor. This is an inescapable fact that threatens the prospects of the American Dream because people cannot use work ethic and merit to rebuild their socioeconomic status and achieve the financial freedom they aspire to. The American dream is simply a myth when quantitative data suggests that unemployment rates.