The American Dream Is Alive and Well — Passport Required
Don’t worry. The American Dream isn’t dead. Just a little old and tired. Can it be revived and reinvigorated? The answer is a resounding YES, but you may not like how it needs to happen.
I’ll explain…
If we step away from what’s familiar and look beyond the horizon, there’s a world of steady progress and boundless innovation unfolding in the distance.
The answer lies in a continent producing the world's fastest-growing economies, the youngest workforces, and an unwavering commitment to propelling the future forward.
Where, you ask? ASIA.
HUH?
Forget the frightening narratives in the news media. Forget the dated images of poor third world countries. The land of opportunity has new coordinates. Asia is where the future is being built and enterprising Americans with a pioneering spirit are paying attention.
Kuala Lumpur, Malaysia
We’re counting down the Top 4 Advantages Asia has going for it and why that corner of the world is poised for exponential growth and abundance during the coming decades.
Plus, there’s a 5th bonus advantage that was just handed to them and you won’t believe where it came from. I’ll share that with you at the end of the article.
Asia’s Top Advantages
Count ___________ as the catalyst.
The ___________ is the main driver.
____________ comes as no surprise.
The foundation is ______________.
* * Bonus Advantage * *
Let’s delve into each advantage so you have a better idea how you can apply this to your situation even if all you do is stay right where you are.
First, let’s answer your question:
What about the dream?
Once synonymous with the Land of Opportunity, The American Dream has collapsed at the crossroads of a new era. Overworked, exhausted, and depleted.
When I was growing up, the American Dream wasn’t only a possibility, it was an expectation. I feel very fortunate to have been born in this country and enjoy the bounty it offered me as a young man. I have built several businesses and been blessed to enjoy the fruits of my labor.
My son is in his early 20s and he’s being told his generation may be the first not to do as well as prior generations. The American Dream is no longer an expectation and barely a possibility.
I’d like to think the dream can be revitalized. At the very least, redefined– a dream with no borders, fueled by innovation, creativity, and endless possibilities. Life, liberty, and the pursuit of happiness are still on the table.
For generations, America was an enchanted land where you could go from rags to riches regardless of where you came from. But things have changed leaving many wondering if it's even achievable anymore. This is not a eulogy for the long-standing tradition of being the greatest country in the world. It's a wake-up call and a fresh perspective on the red, white, and blue.
COMING TO AMERICA
For the better part of the 20th century, the United States has been the beacon of hope. In previous generations, coming to America meant a true shot at the good life. It was full of hope and promise. Buying into the opportunity was a price worth paying. Doing a meaningful day’s work in exchange for a feeling of fulfillment and a full belly at the dinner table was worth the sacrifice.
Pulitzer prize-winning author, James Truslow Adams coined the phrase The American Dream in his 1931 bestseller The Epic of America. His vision was, “that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.”
The spirit of this sentiment is enacted into legislation and becomes known as the G.I. Bill. In 1944, near the end of WWII, President Roosevelt signs the bill into law rewarding wartime veterans for their service. Benefits include tuition-free education, low-interest business loans, and low-cost mortgages. Zero down loans are available for new construction. Entire neighborhoods spring up all at once giving us the birth of the cookie-cutter planned community along with the subsequent—and maybe not so planned—baby boom.
Migration takes place from the cities to the suburbs necessitating owning an automobile. All those new homes need appliances, furniture, and other consumer goods. During the war, consumer goods were scarce. Not the case now. Returning service personnel find themselves coming home to a new land of opportunity. Jobs are plentiful. Wages are high and opportunity abounds. The post-war economic boom takes off.
By the 1950s, James Truslow Adams’ worthy dream is co-opted by corporate America. An altruistic goal of achievement and prosperity is transformed into one of material possessions and consumerism. It’s like the entire country won the lottery.
We won the lottery!
The societal disease of ‘more’ becomes epidemic in the remaining part of the century. The American Dream gradually morphs into The Impossible Dream. Today, the dream isn’t just the joy of owning a refrigerator and a new television, it’s also the bigger house and the nicer car—not to mention the second car. Where does the dream end and the fantasy begin? How can anyone live the American Dream when a ‘society of more’ keeps moving the goalposts?
All we can do is hope the future brings us–you guessed it…
MORE
While the US is leisurely riding the carousel of consumerism, other parts of the world have their eye on the prize of productivity.
If the 19th century belonged to Europe,
and the 20th century belonged to America,
then the 21st century belongs to Asia.
This prognosis comes from Dr. Parag Khanna–global strategist, world traveler, and international best-selling author of The Future is Asian. Thriving economies, outstanding education systems, significant investments in technology, along with vast infrastructure funding are catalyzing one of the most important shifts occurring in our lifetimes.
The Asian century has already begun and it's bigger than we think.
Before you discount this as hype or propaganda, know this…
The Valeriepieris Circle, developed by Ken Myers, represents less than 7% of the Earth’s total surface.
Asia accounts for 60% of the global population. Which means more people live inside this circle than the entire rest of the world combined.
Asia is home to two-thirds of the world's mega-cities
Two-thirds of global economic growth
Thirty of the Fortune 100
Six of the ten largest banks
Eight of the ten largest armies
Five nuclear powers
Seven of the top ten education systems
The newest crop of top-ranked universities
Massive technological innovation
When did all this happen? How come we never hear about this? Maybe because we spend most of our time self-involved in what’s happening inside of our borders without fully grasping or appreciating what’s developing in the world around us.
The only thing we hear about from that part of the world is China. Western thinking on Asia often conflates the entire region with China. With 1.5 billion people, it’s easy to assume this IS Asia. Not so.
China represents only 30 percent of Asia's 5 billion people. By the year 2100, India will be the largest country in the world and China will drop to number three.
As a side note, it may come as a surprise who will take over the second spot (see below).
Global population projections from the Institute for Health Metrics. Designed by Visual Capitalist.
This leads us to Asia’s first big advantage:
1. YOUNG POPULATION
Not only do Asians have the largest populations, but—more importantly—they have the largest number of young people.
Most Asian countries have a median age below 30. China and India each have more millennials than America and Europe have people. Let that sink in.
How about the United States?
US Baby Bust
For a country with 4% of the world's population, the first baby bust happens after the 2008 financial crisis followed by another bust prompted by the pandemic.
CDC Statistics Report 2020
Research indicates that a rising share of US adults who are not already parents say they are unlikely to ever have children. America’s declining birth rates and aging population leave it at a disadvantage.
A smaller workforce has negative implications for economic productivity and per capita income growth, not to mention Social Security which relies on younger taxpayers to fund the system.
Advantage number two:
2. THRIVING ECONOMY
Gross Domestic Product–or GDP–measures the market value of all goods and services produced by a country. As an example, the 10 member countries of the Association of Southeast Asian Nations (ASEAN) have half the population of India yet boast a larger GDP than India and are receiving as much foreign investment as China.
Image designed by: Freepik.com
What you see here is just the southern tip of Asia.
Indonesia (at the bottom of the map in purple) is the fastest growing of the group and already the seventh largest economy in the world. By 2050, the World Economic Forum projects Indonesia will exceed the GDP of Germany and the United Kingdom combined.
As for the US?
Sorry, We’re Closed
In 2016, the United States began circling the wagons and protecting its weakening power position by closing itself off from the rest of the world. Walls were built, executive orders signed, sanctions imposed, immigration restricted, and trade wars started. America First.
Unfortunately, isolationism and protectionism did not win the US any friends in the global economy.
Unaffected, Asians are trading more with each other than any other part of the world. As China moves away from manufacturing and into technology, smaller Asian countries are happy to become the 'factory floor.' The joke is…
The trade war between China and the US is over. And the winner is... Vietnam.
This brings us to advantage number three:
3. INNOVATION & TECH
Asia already accounts for 43 percent of the world’s largest companies including Toyota, Samsung, and Mitsubishi (North America accounts for 24 percent).
The biggest global player in the video game space is the Chinese company, Tencent. Their gaming revenues top $87 billion annually.
You may not recognize their name but you know their impact. Tencent owns Fortnite, League of Legends, Call of Duty, Clash of Clans, and Rocket League in addition to the instant messaging app–WeChat and Discord, a digital distribution and social media platform.
90% of the world’s smartphones are made in Asia.
Asia also operates 73% of the world's industrial robots of which there are almost 4 million (the US operates just 8%).
What is happening with innovation and tech in the US?
Innovation in the US
While the US spends heavily on research and development, the fruits of its innovation aren't translating as effectively into economic growth.
This disconnect stems from two key challenges: First, an aging infrastructure which acts as a roadblock to implementing new technologies, particularly in fields like renewable energy and transportation.
Secondly, the US has given up ground in manufacturing to countries in Asia, making it harder to translate innovative ideas into tangible products with economic impact.
Finally, the fourth advantage: Education
4. EDUCATION = PROSPERITY
Asian countries are continually updating their education systems and investments in innovation. They believe an educated population is the key to prosperity.
Every student is expected to do well. Underperforming students are provided the best teachers. It's no surprise that teaching is a highly paid and well-respected profession in Asia.
To out-perform other nations, Asians believe they must out-educate. If you achieve something, it is not only your victory, but also your family's and your country's victory.
A recent study by the Organization for Economic Co-operation and Development (OECD) found Asian students are the most academically resilient in the world.
Asia produces more STEM graduates that anywhere else in the world. India, alone, accounts for more than a third of the worldwide graduates in science, technology, engineering, and mathematics.
What is the state of education in the US? (this one is going to hurt)
Education in the US
The American education system faces a triple threat: widening learning gaps, a struggling teacher workforce, and stark funding disparities.
This challenge is compounded by teacher shortages and high turnover, creating unstable learning environments and hindering student-teacher relationships. American students are left playing catch-up in a broken system.
Colleges and universities also face the threats of skyrocketing tuition, crippling student debt, and a skills mismatch. Over the past two decades, university costs have ballooned at more than double the rate of inflation.
This leads to a staggering rise in student debt, burdening graduates with financial obligations that impact their ability to buy homes, start families, and pursue their desired careers. Even with a degree in hand, many graduates find themselves lacking the skills they need because their education is not fully aligning with the demands of the marketplace.
So, there they are. The 4 major advantages possessed by the East as we enter the 21st century.
Changi International Airport in Singapore.
Asia’s Top Advantages
Count a Young Population as the catalyst.
The Thriving Economy is the main driver.
Innovation & Tech comes as no surprise.
The foundation is Educational Systems.
Bonus ______?______.
If we’re being honest, it’s not even a close race with the West. Why? This is where the bonus advantage comes into play.
The 5th advantage Asia possesses is one they didn’t even need to earn. We just handed it to them.
Little to no competition.
While Asia has been building, growing, and innovating –America, the world leader– has been distracted by things that, in the long run, don’t matter.
The political circus is seemingly mesmerizing for many Americans but the clowns running this country are merely fighting amongst themselves for the votes of the spectators.
Few of them are looking beyond the next election to envision a better future. Fewer still are doing anything that comes close to competing with the growth and progress happening outside of its borders.
MY STORY: Please understand. It is not my intention to sound un-patriotic. I’m as devastated by these developments as you.
It goes against everything I believed all these years since I marched in my first Fourth of July parade as a Cub Scout. It’s not that what we have isn’t good, it just would be nice to have a more realistic understanding of who we are as a nation and our standing in the world.
I love America for the principles upon which it was founded. All of which are written in the US Constitution, including the Amendments. All of them, not just a favorite few.
The Fourth of July is a very different celebration than it was when I was a kid. Is the country the same as you remember from your childhood? How about just ten years ago?
Maybe it’s time to think about exploring a new land of opportunity or–at the very least–understand how Asia is going to change your life (whether you want it to or not).
The main take-away is don’t give up on the dream. It just might be time to redefine your vision of what that looks like and where to find it.
The American Dream is alive and well–just not in the US.
So, what can you do now? With your newfound awareness, be open to new information you hear about this region of the world. Seek out diverse sources of learning that give you the straight scoop on what’s happening outside the borders of your home country.
Dubai, located in the westernmost part of Asia.
NEW LAND OF OPPORTUNITY
In my travels around the world these past 25 years, I've been to Asia four times. After my first visit, I looked at that part of the world very differently. It enticed me to keep going back.
The American media is comfortable with Asia being represented by China—where apparently nothing good happens.
If anything good is happening in Asia, we're not likely to hear about it. I trust you see there's a whole lot we haven't been told. It's exciting and scary at the same time.
I’m putting my money where my mouth is. I moved here to Asia in 2022.
I'm attracted to the positive energy of the people, their optimism, their thirst for learning, and their desire to be the best. All traits I grew up with and once admired in the United States.
