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Who Stole the American Dream?

Smith, Hedrick (Book - 2012 )
Average Rating: 3.5 stars out of 5.
Who Stole the American Dream?
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Authors: Smith, Hedrick
Title: Who stole the American dream?
Publisher: New York : Random House, c2012
Edition: 1st ed
Characteristics: xxxi, 557 p. ;,24 cm
Contents: The challenge from within
Power shift. The business rebellion : the power shift that changed American history ; The pivotal Congress : Jimmy Carter and 1977-78 Democrats ; Middle-class power : how citizen action worked before the power shift ; Middle-class prosperity : how "the virtuous circle" worked before the new economy
Dismantling the dream. The new economy of the 1990s : the wedge economics that split America ; The stolen dream : from middle-class to the new poor ; The great burden shift : funding your own safety net, crippled by debt ; The wealth gap : the economics "of the 1%, by the 1%, for the 1%"
Unequal democracy. The new 2000s power game : why Congress often ignores public opinion ; The Washington-Wall Street symbiosis : the inside track of "the money monopoly"
Middle-class squeeze. Broken promises : bankrupting middle-class pensions ; 401(K)'s : do-it-yourself : can you really afford to retire? ; Housing heist : prime targets : the solid middle class ; The great wealth shift : how the banks eroded middle-class savings ; Offshoring the dream : the Wal-Mart trail to China ; Hollowing out high-end jobs : IBM : shifting the knowledge economy to India ; The skills gap myth : importing IT workers costs masses of U.S. jobs
Obstacles to a fix. The missing middle : how gridlock adds to the wealth gap ; The rise of the radical right, 1964-2010 : assault on the middle-class safety net ; The high cost of imperial overstretch : how the U.S. global footprint hurts the middle class
Challenge and response. Reclaiming the dream : a domestic Marshall plan : a ten-step strategy ; Politics : a grassroots response : reviving the moderate center and middle-class power
Appendix. Stolen dream timeline : key events, trends, and turning points, 1948-2012
ISBN: 0679604642
9780679604648
1400069661
9781400069668
Statement of Responsibility: by Hedrick Smith
Subject Headings: United States Politics and government 1989- United States Politics and government 1945-1989 Divided government United States Income distribution United States Public interest United States Middle class Political activity United States Middle class United States Economic conditions Polarization (Social sciences) United States Political culture United States History 21st century Political culture United States History 20th century
Topical Term: Divided government
Income distribution
Public interest
Middle class
Middle class
Polarization (Social sciences)
Political culture
Political culture
LCCN: 2012005865
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Jan 01, 2014
  • voisjoe1 rated this: 5 stars out of 5.

My MBA included discussion of minimum wage, unions and corporate responsibility for the worker and community welfare. In the 50’s to 70’s, CEO’s like Bob Galvin of Motorola (where I worked for 24 years) believed that workers were, in essence, a family, and what is good for the family is good for the company. CEO’s, like Dunlop, on the other hand, believes workers are just a commodity and that their only purpose was to increase the value of the corporate stock. The result of the takeover by such CEO’s has led to the greatest inequality since the 20’s and now we have a society where America is split egregiously between the 1% who own enormously and the 99% who owe enormously. There is some hope in 2013, as de Blasio, elected mayor of New York, will implement a 5 year plan tor raise the taxes on incomes of $500,000 by $1000 (incomes of a billion would have a tax increase of a million of which there are plenty on Wall Street) and this money would be spent on universal pre-school and universal after-school programs for middle-schoolers). Howling will come from Fox News and Limbeckity that taxes on the 1% should be reduced not increased. They will say that benefits to kids is just a waste of money.

Sept 9, 2013....Just spent the last month or so slogging through this book. It was worth it though, very eye opening, just a little heavy on politics for me. Our library system does not have a copy yet, a friend twigged me to it, but his copy was on his e-reader, so he could not lend it to me (ah!, a downside to e-readers!) so I ordered it through my library, and got the copy from the University of Alberta. How cool is that! Libraries rock! Anyway, if you want to know what's happening to the middle class dream, read this book. You will be enlightened. (and if you live in Canada, like I do, you will be a little enriched as to how American politics works, not that it's the most interesting subject in the world, just maybe a good little tidbit of info to have under your belt.) Oh, and StarGladiator, your comment goes WAY over my head!

Apr 15, 2013
  • StarGladiator rated this: 2 stars out of 5.

If they CEOs are to blame, how come a bad JPMorgan Chase CEO is replaced with a crooked Jamie Dimon? Ditto for Morgan Stanley, Goldman Sachs, BankofAmerica, Citigroup, etc.? There was never any "American Dream" that was the psychobabble pushed by the disinformation specialists on THEIR media outlets. Who owns JPMorgan Chase? Morgan Stanley? GE? AT&T? Citigroup? Bank of America? Most Americans are clueless who even owns their place of employment or rental property. Ten out of ten Americans had no idea the LIBOR case was dismissed, nor even that there was a LIBOR trial? Economic democracy has yet to exist, and that should be the ultimate goal.

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