Keeping up with the Joneses?

Stemming from reading The Great Gatsby, my American Studies class has been discussing class and classism. We discussed the possible sources of class and the influences on class. One major influence on class is one's "group of aspiration", or the social group that they desire to be in. Maybe this group of aspiration is not so much what group we want to be in as what group we want to appear to be in. Joe Queenan, a journalist for the New York Times and the Atlantic, claims that there is "a desire in this country to be perceived as being one step ahead" (PBS, People Like Us). The word perceived in Queenan's argument jumps out to me as one of much importance. He claims that we want to appear to be wealthier than others, even if we are not. This thirst for an elevated perception of our own social class made me wonder: what price do we pay for class (or perceived class that is). This seemed to be demonstrated during the 2008 housing crisis when 3.1 million foreclosure filings were issued (Christie). 

Allow me to explain. In the early 2000's the government lowered the credit rating needed to take out a loan, making it easier for people to borrow huge sums of money in order to buy a home. People, who otherwise wouldn't have been trusted to repay the loans, could now borrow sums of money that they may or may not realistically be able to pay back. With these loans buyers bought houses that were otherwise unaffordable. The graphic shown here mocks the "McMansions" that such people purchased during the time. Because hey if you have a loan for so much money why not buy your dream home!? Well the answer to this is also demonstrated in the graphic with the big fat "foreclosure" sigh plastered on the regal columns. The opulent columns as well as the "McMan$ion" sign serve to demonstrate the excessiveness of the home. Clearly these people did not need houses of such a size, so they must have been reaching for the purpose of appearing higher on the class ranks. After the bank's "here take the money and spend" spree, the market crashed, and the people who were supposed to pay the banks back couldn't (read more). This caused thousands of homes nationwide to also go into foreclosure. While many blame the irresponsible loan takers, it is also argue that this crash should be to the banks for making the risky loans in the first place. Upon whomever the blame may fall, it is apparent to many, as well as exaggerated in the photo, that these mansions were owned by people who could not afford them. 

This graphic seems to illustrate perfectly the connection between Queenan's theory that everyone is always wanting to seem to be wealthier than their neighbors. I would argue that class competition made these families take out these loans in the first place that they knew were shaky, and eventually cause them to end up in foreclosures. It seems to me that some Americans are willing to risk everything to be perceived as higher class.