The Vanishing American Dream: A Frank Look at the Economic Realities Facing Middle- and Lower-Income Americans

I just finished reading The Vanishing American Dream. This book is a thoughtful and complex conversation around an increasingly dangerous economic trend. Gene Ludwig has given us a book that every American should read. He has allowed us to join a conversation that every American should join. Reading the book, I felt like I was in the room with great American thinkers because the book includes a transcript of an event that happened back in 2019, which included a wide range of participants and political leanings (politicians, economists, leaders of industry, academics, former government officials, left and right viewpoints). It is an engaging conversation that never feels dull or too focused on in-depth economic theory. I appreciated the thoughts and concerns and ideas that were expressed. I was inspired to carry on the conversation and share the ideas in my own circles. This book is for every American who cares about our country’s future, especially for our children and grandchildren.

Just bought the book and can’t wait to read this weekend. This is an incredibly important topic and one that benefits every American in various ways. If we capture the signal amid our noisy information ecosystem, we would find topics like this that the majority of Americans, and voting block, would view in a similar matter. Case in point: support of Trump and Sanders in 2016 had a great deal in common if the constituency is looked at (daily life experiences, what benefits each of us, and a desire to change the system because it isn’t working) rather than the candidates, their style, and tribal brands. A rules-based system that enables merit-based economic mobility is key to the American Dream as it balances the field for individuals among power brokers. Our country was founded on this idea (We The People) and it is worth the effort to maintain and improve for the long-term sustainability of our Republic.

Ludwig, E. A. (Ed.). (2020). The vanishing American dream: A frank look at the economic realities facing middle- and lower-income Americans: a symposium at Yale Law School, April 12, 2019. Disruption Books. Gene Ludwig is an American business leader and expert on banking regulation, risk management, and fiscal policy. He is the founder of the Promontory family of companies and Canapi LLC, the largest financial technology venture fund in the United States. In 2019, founder and CEO of Promontory Financial Group Gene Ludwig gathered a bipartisan group of the nation’s foremost economic thinkers, academics, politicians, CEOs, and former presidential advisors, to discuss economic realities facing middle- and lower-income Americans. Two topics drove their conversation: How bad off economically are middle- and lower-income Americans are and why and why we are where we are and how it happened. While no consensus was achieved, some key takeaways: (a) Economic analysis reports a strong economy while evidence suggests that "portions of the population are living in destitution or on the precipice of destitution" suggesting that current measurements paint a distorted picture. (b) "Wealth has skewed successively over time, with the rich getting richer and everyone else falling behind." (c) Educational systems do not translate into a skilled citizenry fit for available jobs. (d) While poverty, prejudice, and inequality have always existed, "the American Dream, inasmuch as it was attainable by some portion of the population, provided a rational reason for many to keep faith in the American system." Today, evidence suggests the American Dream is not achievable. It was noted, "Today the middle-class aspiration has curdled into anxiety. " (e) Andrew Tisch noted, "The dysfunction and polarization in our government are both a cause and a symptom of [people's] anger. . . It's a symptom because angry citizens are electing angrier and more intolerant candidates who see compromise as a form of treason. The vicious cycle is continuing....] and (f) Ray Dalio indicated, "There is a tremendous decline in respect for, or allegiance to, the notion that capitalism is the best system for allocating resources in society. " This book hits upon the complexity of our economic reality with no quick fixes or easy answers. It was interesting to read the viewpoints and analyses offered by participants. This would be a good read for a book club designed around conversation and dialogue about the issues presented herein.

Finished this book in a couple days; was surprisingly a page-turner. A holistic view of the challenges our economy faces--and examines in-depth the issues facing our low- and middle- income citizens. Helpful to hear the experts put forth a variety of solutions as well. The book includes folks from across the political spectrum and from various professions, though the dialogue is respectful and constructive--more please!! Also, though the book points out these issues have long been brewing and worsening, Ludwig also brings the topic up to date, showing how the pandemic has ripped the facade off our window dressings. Should be required reading for our elected officials and policymakers; these are the things they are hired to fix, and the book serves as a primer on the issues and solutions.

This is exactly the sort of book we need right now – one that provides real solutions to fundamental problems – and there is no one better positioned to provide it than Gene Ludwig and the collection of experienced, thoughtful people he brought together for this book. So much of what we read today is focused on who’s right or wrong instead on what we can do about it. Ludwig tackles the multi-faceted questions of income inequality and provides real-world, doable answers. “The Vanishing American Dream” should be required reading for policymakers across the political spectrum.

This book is an attempt to draw attention to the fact the country is approaching a crisis we may soon not be able to overcome. I worry that my own children will have a more challenging path to economic opportunity than we did if nothing is done to address the barriers. This book does a good job of identifying those barriers to economic opportunity, as well as potential solutions. Worth the read.