Who Stole the American Dream Summary: “Who Stole the American Dream?” is a thought-provoking book by Hedrick Smith that delves into the decline of the American Dream and identifies the various factors responsible for its erosion. The book provides a comprehensive analysis of how the economic, political, and social landscapes have changed, leading to a shift in the opportunities available to the average American citizen.
In the first chapter, Smith highlights the post-World War II era when the American Dream was at its peak. He discusses the economic prosperity, social mobility, and widespread belief in the possibility of achieving success through hard work and determination. However, he swiftly transitions to the late 20th century, where the American Dream began to wane.
One of the primary reasons for the decline, according to Smith, is the shift in economic policy. He argues that the policies implemented by the government, such as tax cuts for the wealthy and deregulation of industries, have led to increased income inequality and a loss of job security for the middle class. This shift has allowed the wealthy to accumulate more wealth, while the average American struggles to maintain their standard of living.
Another factor contributing to the erosion of the American Dream is the decline of unions. Smith points out that unions played a crucial role in protecting workers’ rights and improving their wages and benefits. However, as unions have weakened, workers have lost leverage in negotiating fair compensation and working conditions.
Furthermore, Smith examines the role of globalization in reshaping the American Dream. He argues that the influx of cheap labor from other countries has led to job losses in the United States, as companies seek to cut costs. This has left many Americans feeling disconnected from the global economy and concerned about their future prospects.
The book also delves into the political landscape, highlighting the influence of money in politics and the rise of special interest groups. Smith argues that these factors have led to policies that favor the wealthy and corporations, rather than the average American citizen.
In the final chapter, Smith offers a glimpse of hope, suggesting that the American Dream can be restored through a combination of policy changes, increased social mobility, and a renewed commitment to the common good. He calls for a reinvigorated sense of national purpose and a focus on creating opportunities for all Americans.
Overall, “Who Stole the American Dream?” is a compelling and insightful examination of the factors that have contributed to the decline of the American Dream. Smith’s analysis is both comprehensive and thought-provoking, providing readers with a deeper understanding of the challenges facing the United States and the potential solutions for restoring the dream.
