US Happiness PLUMMETS As Youths Say American Dream DEAD

Summary

The transcript discusses the high costs associated with achieving the American Dream, including raising a family, housing, and healthcare, which have significantly increased over time. It highlights how these financial pressures have contributed to a decline in national happiness, particularly among younger generations in the United States. The conversation also touches on the contrast with social democracies like Finland, where a stronger social safety net and lower costs for essentials correlate with higher reported happiness levels.

Takeaways

• 📉 The American Dream is now estimated to cost $3.4 million, including expenses like marriage, children, homes, healthcare, cars, and education.
• 💰 The cost of raising two children to the age of 18 is reported to be $576,000, not including other expenses like a down payment on a house or a 30-year fixed rate mortgage.
• 🏠 A significant portion of the lifetime expenses is attributed to housing, with an average 30-year fixed rate mortgage costing around $800,000 at 7% interest rate.
• 🚗 Car purchases over a lifetime are estimated to cost around $270,000, reflecting the substantial expenditure on transportation.
• 🏥 Healthcare costs are notably high, with an average family premium for a family of four totaling $93,400 over 39 years, excluding hospital birth costs.
• 📉 The US has dropped out of the top 20 nations in overall happiness, with a significant decline in happiness among young people being a contributing factor.
• 🌍 Finland ranks at the top for overall national happiness, with the US ranking 10th for people over 60 but 62nd for people under 30.
• 🤔 The decline in young happiness is linked to concerns about the future, such as climate change and the changing trajectory of traditional life paths.
• 📈 The cost of basic components of the American Dream, like education, healthcare, and housing, has significantly increased over the past decades.
• 🌐 Nordic countries, known for their social democracies and strong social safety nets, consistently rank high in happiness indices.
• 🤷‍♂️ The script raises questions about whether the Nordic model could work in a large, diverse, and dynamic country like the US, which values entrepreneurialism and innovation.

Q & A

What is the estimated cost of the American Dream according to the Yahoo news report mentioned in the transcript?

The estimated cost of the American Dream is $3.4 million, which includes expenses related to marriage, two kids, homes, healthcare, cars, and education over a lifetime.

How much does it cost to raise two children to the age of 18 in the United States, as per the Investopedia study from December 2023?

The cost of raising two children to the age of 18 is estimated to be $576,000.

What is the significance of the 7% interest rate mentioned in the transcript?

The 7% interest rate is significant because it affects the cost of a 30-year fixed-rate mortgage, which is a major component of the American Dream, with an estimated cost of $800,000.

What is the average lifetime cost for a family of four to have health insurance in the United States?

The average lifetime cost for health insurance for a family of four is $934,000, which does not include out-of-pocket expenses for hospital births or medical treatments.

How has the cost of living in the United States impacted the national happiness ranking?

The increasing costs of living, particularly in areas such as housing, healthcare, and education, have contributed to the United States slipping from the top 20 nations in overall happiness, with a significant drop in happiness among younger people.

Which country ranked as the happiest according to the report discussed in the transcript?

Finland was ranked as the happiest country.

What is the rank of the United States for people over 60 years old in terms of happiness?

The United States ranked 10th for people who are 60 and older in terms of happiness.

Which country ranked below the United States for happiness among people under 30?

Countries like Guatemala, Bulgaria, and Saudi Arabia ranked below the United States for happiness among people under 30.

What are the core components of the American Dream that have increased in price over the past several decades?

The core components of the American Dream that have increased in price include housing, healthcare, and education.

How does the transcript suggest social media reflects the current living conditions?

The transcript suggests that social media reflects the actual living conditions by sharing and going viral about the struggles people face in affording life, rather than being the cause of unhappiness.

What role does the social safety net play in the happiness levels of countries like Finland, according to the transcript?

In countries like Finland, the social safety net plays a significant role in happiness levels by providing universal healthcare, more subsidies for housing affordability, and a stronger social safety net, making people feel more secure and less susceptible to divisive tactics.