The American Dream
Whether Americans have cause to give up on the historical American dream of an ever better future is the subject of the cover story by Jon Meacham in the June 21, 2012 issue of Time magazine. Mr. Meacham ponders the well-known fact that average incomes, and the standard of living of most Americans have not been rising since the 1960s, but actually have been falling in "real" (inflation-adjusted) terms. Mr. Meacham does not provide any explanations for this disappointing trend, nor does he propose solutions that would put America back on track towards a renewed fulfillment of the American dream. There are good explanations for the slowing and then the reversal of the growth of prosperity in America, explanations that are "good" in the sense that they show why this has happened. In brief, the federal and local political state in America, in all its manifestations, has failed to protect innovators and innovation; has mounted incessant attacks on production, property, savings and