Word: dreaming
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Dates: during 1980-1989
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...Dream has many parts: a comfortable house in a tree-shaded neighborhood, a car, and college educations for the children. But at bottom it is based on two simple articles of national faith: 1) that each generation will live a bit better than that of its parents and build a still better life for its children; 2) that the nation will slowly but steadily progress toward greater equality. These twin pillars of belief have helped create the political and social stability -- and the economic dynamism -- that have characterized the U.S. for more than a century...
Through the 1950s and '60s the Dream seemed to be coming true. But beginning with the oil shock of the early '70s and continuing through the stagflation at the end of that decade, the fortunes of different income groups diverged. And contrary to most expectations, the divergence has persisted through the recovery that followed the vicious 1982 recession...
Reagan came to power largely because he promised to revive the American Dream, which he said was being strangled by high taxation. Indeed, through most of the 1970s, wages rose less than prices but enough to push taxpayers into higher brackets. The double whammy of higher prices and higher taxes cut into the purchasing power of the middle class more than into that of the rich...
...between classes but within the middle class. The differing prospects between its college-educated members and those who go no further than high school is one potential source of antagonism. Another is the growing cleavage between young and old. While young couples wonder if they can ever buy their dream house -- or any house -- people of their parents' generation are sitting on a gold mine. Many have paid off low-interest mortgages on houses bought a quarter-century ago for around $20,000 and now worth perhaps ten times that...
...became the center of a celebratory sandwich after pitching the U.S. baseball team to a 5-3 gold medal victory over Japan. That win reversed the results of the 1984 Games, in which the Japanese humiliated the Americans by beating them at their own national pastime. "This was my dream of a lifetime," Abbott said after he and the rest of his thrilled teammates were unpiled...