How will the Great Recession impact the future of the American Dream?

Many decisions are being made based on greed. The human condition has not changed but working has changed and greed has increased. Layoffs happen so that shareholders can keep their cut. Greed is king.

Expect an unsettling time. It’s all about reinventing yourself, going through high points and low points in your career. You have to learn to lean on other people, network and make new and different friends. Go out of your way to network and establish relationships. You can no longer focus your efforts in one industry, doors are not being opened and you need to expand your relationships and perspective.

Retirement was our parent’s dream. It is no longer a reality for us or future generations. Working part-time has become the retirement dream. It’s now a “pace yourself” and “work until you drop” environment. 

How are different generations reacting and responding the Great Recession?

Not by shopping. Frivolous buying is over. Being cautious when you shop and get the best bargain is the key. Avoid the temptation to spend money. Go to the library rather than buy books. Retrain children to a different style of living.

Everything is cyclical. The next generation is learning how to do more with less. Doing your hair or nails is being delayed. People wait longer to spend money. Spending on services is declining so all are suffering.

Economic recovery is short-term. Younger generations are changing. Our parents were raised with a post-Great Depression mindset. Our generation lived with significant disposable income. Now, our children have no jobs. They struggle financially and move back home after college. They have different needs and don’t want to work as hard as we did. The Baby Boomer generation is the most productive generations from a “work hard” perspective yet we’re victims of age discrimination. 

What’s happening to the American Dream?

“I don’t have an American Dream anymore. This is survival. I hope to wake up and this nightmare is over. It’s difficult to find basic balance anymore, let alone figure out what to go after—be a consultant or look for a job.”

The future is about innovation. It’s not about how hard you work. There is a culture change with education. America is not maximizing education.

Families are going to be living together again. More people will be walking due to the price of gas; mom & pop stores will come back. There’s no room for bulk goods. Buying bulk makes you spend more in the moment when you have limited cash flow. The younger generations want to live in the cities than in suburbia.

People think you have a disease when you aren’t working. Those who were not impacted by downsizing due to the Great Recession are too involved with working to help others. They don’t really get it since they haven’t experienced a layoff themselves.

“I’m never going to put a job first again. In the past, my family and relationships suffered from being focused on my job and career. Now, I won’t let that happen again.”

What’s happening to the American Dream?

We had a better life than our parents—own a home, retire with security, travel, etc. Now we all have too much “stuff.” It’s a very material world.

The American Dream is based on real estate ownership and the accumulation of stuff. Americans have short memories. High salaries are going down, savings will be increasing and people will be more conservative about spending.

Retirement is more drawn out. We’re at depression level spending with a mentality to use everything we have. There is no real recovery in sight.

Hopes, wishes and dreams have disappeared. The focused, targeted career path is now cloudy, unpredictable, and constantly shifting. We’re not able to get our footing. Not everything is going to be alright. 

C Suite Interviews

These interviews were conducted in early 2010. At the time, these four C-Suite executives were engaged in job searches. Their prior roles ended due to downsizing programs or reduction in force (RIF) because of the Great Recession. As of 2012, they are employed, although in careers that are at least one level below where they were pre-recession. M, a healthcare executive, moved to CA because she couldn't land a job in MA, the healthcare Mecca. S & J both moved to much smaller and regional organizations in the nonprofit sector. D has a global role in a small niche division outside financial services.

Here is a summary of our conversation about the impact of the Great Recession on the American Dream.

Scituate Lighthouse, watercolor by Carole Katz

Interview with C Suite Executives

D’s background

D is a marketing and product management executive specializing in marketing software solutions to global financial services companies. D’s global expertise is in developing business and marketing strategy, launching niche solutions, building brand visibility and leveraging sales partnerships. After 20 years in progressively responsible marketing leadership roles in financial services, D joined a niche financial and IT consulting firm as head of global marketing. D has a BS in Mathematics and Computer Science from the University of New Hampshire. 

Interview with C Suite Executives

M’s background

M is a senior healthcare executive with a strong clinical background and extensive experience in operations management, program development, quality management, and organizational performance improvement. M is a confident decision-maker with strong management, communications, organizational and problem solving skills. After 20 years in executive leadership roles in major hospitals in the Greater Boston area, M moved to southern California to work in a healthcare institution. M has a BS, Nursing from UMass Amherst and an MBA from Suffolk’s Sawyer School of Management. 

Interview with C Suite Executives

S’s background

S is a dynamic strategist experienced with building new products and markets, driving revenue growth and improving competitive market positioning. Her expertise is in identifying market and business opportunities and creating multi-channel market programs for B2B and B2C markets. After 20 years in executive leadership roles in direct marketing, relationship marketing and sales, S joined a nonprofit as Executive Director. S has a BA in Business Administration and Management. 

Interview with C Suite Executives

J’s background

J is a results-oriented leader with proven success in consistently growing profitable revenue. He has additional expertise in: strategic leadership; turnaround expertise; inspirational communications; operational excellence; global business development; and disciplined financial management. After 20 years in C-level roles in the biopharma industry, J joined a nonprofit as Executive Director. J has a BS/MS, Pharmacy & Business Administration from the Massachusetts College of Pharmacy and Health Sciences.

Interview with C Suite Executives

What do some highly successful “C” Suite individuals say about the American Dream and the impact of the Great Recession?

Four C Suite executives met with me in 2010 to review the impact that the Great Recession had on the American Dream. Let’s get some background on them and see what they had to say.