Congress can help revive American dream
Recently, at a coffee shop on Mowry Avenue, a longtime Fremont resident who is a baby boomer confessed that his dream as a kid was to own a bigger house and have more money than his parents. When I asked if that dream came true, he laughed and said absolutely. But he was not so sure his kids would do better than he has done. Perhaps, if they happened to learn the right technology or join a hot company they might, but he would not bet on it.
In the Bay Area, one of the biggest concerns is whether the American dream will be accessible for the next generation. Will they be able to live here? Work here? Even retire here?
When I talk to students, many are anxious about their economic future. Their concern for finding a good job is far more acute than when I was their age.
I remember being more optimistic growing up. My parents did not have any money when they immigrated to this country in the early 1970s from India. They were middle class. My mom is a retired substitute schoolteacher. My dad is a retired chemical engineer. But they raised both my brother and me to believe that if we worked hard and made good grades, we could achieve anything. He became a federal prosecutor, and I got to work for the president of the United States. There is a not day when we don’t appreciate how fortunate we have been.
But the prospects are not as rosy for the next generation in an increasingly competitive world. My hope is that in this presidential election cycle, we might outline specific policies that can give the next generation a fair shot at the American dream.
First, we must address the outrageous cost of higher education. It’s unconscionable that the average student loan debt is $28,950. Former Labor Secretary Robert Reich has proposed that students should have the option to attend public college for free and then pay back a percentage of their income once they find employment. It’s a great starting point for a national discussion.
Second, young folks need the right skills. The reality is that globalization and automation have placed structural pressures on the job market. Many jobs have been outsourced or are being done by machines. This means we need to ensure high school graduates are technologically savvy, creative thinkers, understand the dynamics of a global economy, and know the basics of starting a business.
Third, we need parents to have full-time jobs with decent wages. I was lucky that my parents almost never missed a Little League game and always knew when I had a major exam. How can we expect the same of today’s parents if many have to work two jobs just to pay the rent? Providing decent wages and full-time employment is a must, if we want the next generation to have the parental attention they desperately need.
Fourth, we need to create millions of new jobs in America. This means strategic investments in advanced technology, including clean energy, space exploration, and the latest infrastructure. It also means having policies that incentivize the creation of goodpaying service jobs for elder care, child care or social work.
These ideas are not panaceas. We need a broader conversation about what can be done for the next generation. But I imagine that for many sons and daughters of immigrants, passing down the American dream, which inspired our parents to immigrate and sacrifice so much, is deeply personal.