Final answer:
The phrase indicates that America represented a place of imagination and aspirations, encapsulating the ideal of the American Dream, despite the reality of challenges faced by many.
Step-by-step explanation:
The phrase "America was a land of living hope woven of dream dreams" suggests that America was perceived as a place full of imagination and aspirations. It conveys the notion of the American Dream, where the promise of prosperity and success draws people to strive for a better life. However, the phrase also seems to carry a sense of idealization that might not fully align with the actual hardships many faced, such as low wages, poor living conditions, and the struggles during the recession that affected the fulfillment of this dream.