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Examines the formidable challenges facing the middle class, calling for fundamental changes while surveying the extent of the problem and identifying the people and agencies most responsible.
"The bestselling author of Bowling Alone offers [an] ... examination of the American Dream in crisis--how and why opportunities for upward mobility are diminishing, jeopardizing the prospects of an ever larger segment of Americans"--
Pulitzer Prize winner Hedrick Smith’s new book is an extraordinary achievement, an eye-opening account of how, over the past four decades, the American Dream has been dismantled and we became two Americas. In his bestselling The Russians, Smith took millions of readers inside the Soviet Union. In The Power Game, he took us inside Washington’s corridors of power. Now Smith takes us across America to show how seismic changes, sparked by a sequence of landmark political and economic decisions, have transformed America. As only a veteran reporter can, Smith fits the puzzle together, starting with Lewis Powell’s provocative memo that triggered a political rebellion that dramatically altered the landscape of power from then until today. This is a book full of surprises and revelations—the accidental beginnings of the 401(k) plan, with disastrous economic consequences for many; the major policy changes that began under Jimmy Carter; how the New Economy disrupted America’s engine of shared prosperity, the “virtuous circle” of growth, and how America lost the title of “Land of Opportunity.” Smith documents the transfer of $6 trillion in middle-class wealth from homeowners to banks even before the housing boom went bust, and how the U.S. policy tilt favoring the rich is stunting America’s economic growth. This book is essential reading for all of us who want to understand America today, or why average Americans are struggling to keep afloat. Smith reveals how pivotal laws and policies were altered while the public wasn’t looking, how Congress often ignores public opinion, why moderate politicians got shoved to the sidelines, and how Wall Street often wins politically by hiring over 1,400 former government officials as lobbyists. Smith talks to a wide range of people, telling the stories of Americans high and low. From political leaders such as Bill Clinton, Newt Gingrich, and Martin Luther King, Jr., to CEOs such as Al Dunlap, Bob Galvin, and Andy Grove, to heartland Middle Americans such as airline mechanic Pat O’Neill, software systems manager Kristine Serrano, small businessman John Terboss, and subcontractor Eliseo Guardado, Smith puts a human face on how middle-class America and the American Dream have been undermined. This magnificent work of history and reportage is filled with the penetrating insights, provocative discoveries, and the great empathy of a master journalist. Finally, Smith offers ideas for restoring America’s great promise and reclaiming the American Dream. Praise for Who Stole the American Dream? “[A] sweeping, authoritative examination of the last four decades of the American economic experience.”—The Huffington Post “Some fine work has been done in explaining the mess we’re in. . . . But no book goes to the headwaters with the precision, detail and accessibility of Smith.”—The Seattle Times “Sweeping in scope . . . [Smith] posits some steps that could alleviate the problems of the United States.”—USA Today “Brilliant . . . [a] remarkably comprehensive and coherent analysis of and prescriptions for America’s contemporary economic malaise.”—Kirkus Reviews (starred review) “Smith enlivens his narrative with portraits of the people caught up in events, humanizing complex subjects often rendered sterile in economic analysis. . . . The human face of the story is inseparable from the history.”—Reuters
Senator Cory Booker (D-NJ) shares the story of his father's journey from poverty to middle-class prosperity, but says the bargain that helped his father and other workers achieve the American Dream is now broken. Sen. Booker reflects on the trends and practices contributing to stagnant wages in the United States, including a corporate culture that favors shareholder payouts over investments in workers; barriers to worker mobility, like non-compete clauses; and the “fissuring” of the workforce, as companies today are more likely to contract out labor to low-cost vendors rather than employ directly. Senator Booker calls for policies that will address these and related challenges, expand opportunity for all Americans, and restore the bargain for all who seek it.
In this definitive work, two-time Pulitzer finalist Jason DeParle, author of A Good Provider Is One Who Leaves, cuts between the mean streets of Milwaukee and the corridors of Washington to produce a masterpiece of literary journalism. At the heart of the story are three cousins whose different lives follow similar trajectories. Leaving welfare, Angie puts her heart in her work. Jewell bets on an imprisoned man. Opal guards a tragic secret that threatens her kids and her life. DeParle traces their family history back six generations to slavery and weaves poor people, politicians, reformers, and rogues into a spellbinding epic. With a vivid sense of humanity, DeParle demonstrates that although we live in a country where anyone can make it, generation after generation some families don’t. To read American Dream is to understand why.
The American Dream and the Public Schools examines issues that have excited and divided Americans for years, including desegregation, school funding, testing, vouchers, bilingual education, and ability grouping. While these are all separate problems, much of the contention over them comes down to the same thing--an apparent conflict between policies designed to promote each student's ability to succeed and those designed to insure the good of all students or the nation as a whole. The authors show how policies to promote individual success too often benefit only those already privileged by race or class, and often conflict with policies that are intended to benefit everyone. They propose a framework that builds on our nation's rapidly changing population in order to help Americans get past acrimonious debates about schooling. Their goal is to make public education work better so that all children can succeed.
The United States has been epitomized as a land of opportunity, where hard work and skill can bring personal success and economic well-being. The American Dream has captured the imagination of people from all walks of life, and to many, it represents the heart and soul of the country. But there is another, darker side to the bargain that America strikes with its people -- it is the price we pay for our individual pursuit of the American Dream. That price can be found in the economic hardship present in the lives of millions of Americans. In Chasing the American Dream, leading social scientists Mark Robert Rank, Thomas A. Hirschl, and Kirk A. Foster provide a new and innovative look into a curious dynamic -- the tension between the promise of economic opportunities and rewards and the amount of turmoil that Americans encounter in their quest for those rewards. The authors explore questions such as: -What percentage of Americans achieve affluence, and how much income mobility do we actually have? -Are most Americans able to own a home, and at what age? -How is it that nearly 80 percent of us will experience significant economic insecurity at some point between ages 25 and 60? -How can access to the American Dream be increased? Combining personal interviews with dozens of Americans and a longitudinal study covering 40 years of income data, the authors tell the story of the American Dream and reveal a number of surprises. The risk of economic vulnerability has increased substantially over the past four decades, and the American Dream is becoming harder to reach and harder to keep. Yet for most Americans, the Dream lies not in wealth, but in economic security, pursuing one's passions, and looking toward the future. Chasing the American Dream provides us with a new understanding into the dynamics that shape our fortunes and a deeper insight into the importance of the American Dream for the future of the country.
Have you ever heard of a young lady who followed her dreams and got the biggest surprise of her life? Lesset is that lady. She left Jamaica, a beautiful tropical island, with nothing but sunshine-a place where one doesn't need a vacation-for America, a country with four seasons (spring, summer, fall, and winter). Most of all, she tends to enjoy the snow and a lot more for one to know. So come with Lesset on her journey and many more to come. Live, love, and stay blessed. See you in my next book.
One of America's most thoughtful and provocative strategists exposes the economic and cultural assumptions that have driven the U.S. to the brink of social and financial collapse. Edward Luttwak reveals a forceful new policy that can reverse America's decline.