Who Stole the American Dream?

Last updated
Who Stole the American Dream?
Who Stole the American Dream.jpg
First edition
Author Hedrick Smith
CountryUnited States
LanguageEnglish
Publisher Random House
Publication date
2012
Media typePrint (Hardback & Paperback)
Pages557 pp
ISBN 9781400069668
OCLC 769990419
973.91
LC Class E839.5 .S59 2012

Who Stole the American Dream? is a non-fiction book by the American author and journalist Hedrick Smith published in 2012 by Random House.

Contents

It describes the consolidation of wealth in the United States, and the dismantling of the middle class. As a result, the American Dream—a national ethos, or a set of ideals in which freedom includes the opportunity for prosperity and success, and an upward social mobility achieved through hard work—is becoming increasingly unattainable.

Although Smith's distinguished journalistic career includes covering the Vietnam War, the Pentagon Papers , and the civil rights movement, serving as the Moscow Bureau Chief for the New York Times , writing a #1 bestseller, and working on 26 prime-time specials for PBS, he views this book as "'absolutely' his most significant achievement." [1]

Summary and reception

A positive review in USA Today summarized the book as follows:

Smith shows how corporate chieftains in cahoots with their stockholders rather than their employees sold out those employees — sold them out with the blessing of U.S. senators, U.S. representatives, U.S. presidents, presidential appointees at executive branch agencies and a bare majority of U.S. Supreme Court Justices validating the decisions of mostly Republican-appointed lower court judges. [2]

Smith suggests that The Powell Memorandum, a widely circulated memo written by Lewis F. Powell, Jr. was instrumental in setting this new political direction for US business leaders. [3] The result was the development of "wedge economics" in the 1980s, in which CEOs no longer balanced the needs of all stakeholders—workers, customers, and investors—but rather maximized profits of investors and executives only. [4]

The book's ten-point plan for reform was described as "familiar territory" by MinnPost:

"revitalize an aging transportation system; invest more in research; embrace industrial policy to spur a manufacturing renaissance; overhaul the tax system; pressure China to trade more fairly; cut defense spending; strengthen safety nets in the housing market and for Social Security and Medicare; rebuild the political center; mobilize the middle class." [1]

Kirkus Reviews called the book a "remarkably comprehensive and coherent analysis of and prescriptions for America's contemporary economic malaise." [5] Washington, D.C.'s Politics and Prose bookstore suggests that "This book is essential reading for all of us who want to understand America today, or why average Americans are struggling to keep afloat." [6] The book also received positive reviews from The Seattle Times , Reuters, and the Huffington Post. [6]

In contrast, Publishers Weekly called the book "depressing", saying that it "doesn't deal adequately with structural and institutional barriers to reform." [7] The Washington Post called the book "rambling, a bit disorganized and crowded with an almost overwhelming number of topics," declaring that "Smith's saga of economic and political polarization is so downbeat and devastating that there seems little hope for his modest blueprint for change." [8] The Columbus Dispatch said "His analysis of the problem is more compelling — if biased — than his solution." [9]

The book was the topic of discussion in several different programs and presentations aired on the C-SPAN networks. [10] [11] [12] [13] [14]

A reviewer in the Tampa Bay Times declared that Smith's "hopefulness that the indomitable American spirit can turn things around through grass roots efforts akin to the recent Arab Spring should make lobbyists and power brokers in Washington nervous, and that's not a bad thing." [15]

See also

Related Research Articles

Adam Clymer was an American journalist. He was a prolific political correspondent for The New York Times.

Ramesh Ponnuru American conservative political pundit and journalist

Ramesh Ponnuru is an American conservative political pundit and journalist. A visiting fellow at the American Enterprise Institute since 2012, he is also a senior editor for National Review magazine, a columnist for Bloomberg View, and a contributing editor to the domestic policy journal National Affairs.

Alex Jones (journalist) American journalist (born 1946)

Alex S. Jones is an American journalist who was director of the Shorenstein Center on Media, Politics and Public Policy at Harvard's John F. Kennedy School of Government from July 1, 2000 until June 2015. He won a Pulitzer Prize for journalism in 1987.

Hedrick Smith

Hedrick Smith is a Pulitzer Prize-winning former New York Times reporter and Emmy award-winning producer and correspondent who has established himself over the past 50 years as one of America’s premier journalists. After serving 26 years with The New York Times from 1962-88 as correspondent, editor and bureau chief in both Moscow and Washington, Smith moved into television in 1989, reporting and producing more than 50 hours of long form documentaries for PBS over the next 25 years on topics from the inside story of the terrorists who mounted the 9/11 attacks and Gorbachev’s perestroika to Wall Street, Walmart and The Democracy Rebellion of grassroots citizen reform movements. Smith has authored five best-selling books including The Russians, The Power Game: How Washington Works, and Who Stole the American Dream, and co-authored several other books, including The Pentagon Papers and Reagan: The Man, the President. Smith is currently Executive Editor of the website ReclaimTheAmericanDream.org and the YouTube channel The People vs. The Politicians.

Annie Jacobsen American investigative journalist and author

Annie Jacobsen is an American investigative journalist, author, and a 2016 Pulitzer Prize finalist. She was a contributing editor to the Los Angeles Times Magazine from 2009 until 2012. Jacobsen writes about war, weapons, security, and secrets. Jacobsen is best known as the author of the 2011 non-fiction book, Area 51: An Uncensored History of America's Top Secret Military Base, which The New York Times called "cauldron-stirring." She is an internationally acclaimed and sometimes controversial author who, according to one critic, writes sensational books by addressing popular conspiracies.

Thomas Byrne Edsall is an American journalist and academic.He is best known for his weekly opinion column for The New York Times online and for his 25 years covering national politics for the Washington Post.

Barry M. Rubin was an American-born Israeli writer and academic on terrorism and Middle Eastern affairs.

David Streitfeld is an American journalist. During his tenure as book reporter at The Washington Post, he definitively identified Joe Klein as the "Anonymous" author of the 1996 novel Primary Colors, upon which Klein admitted authorship, despite earlier denials.

Timothy P. Egan is an American author, journalist and op-ed columnist for The New York Times, writing from a liberal perspective.

Blake Bailey American writer

Blake Bailey is an American writer. Bailey is widely known for his literary biographies of Richard Yates, John Cheever, Charles Jackson, and Philip Roth. He is the editor of the Library of America omnibus editions of Cheever's stories and novels.

Deena Guzder is a human rights journalist and author. Her work has appeared in Time, National Geographic Traveler, The Washington Post, United Press International, Reuters, Indian Express, Ms. Magazine, Global Post, Mother Jones, Huffington Post, Common Dreams, and elsewhere. She was awarded journalism grants from the Knight Foundation to report on theocracy and democracy in Iran; the Scripps Howard Foundation to report on low-caste "untouchables" in India; and, the Pulitzer Center on Crisis Reporting to report on commercial sexual exploitation and human trafficking in Thailand. Guzder was awarded a second Pulitzer Center grant to travel through Pakistan—from the southern tip of Karachi to the northern tip of Kohistan—to report for the Red Cross Red Crescent magazine on the value of volunteers during the 2010 Pakistan floods.

Edward Conard

Edward W. Conard is an American businessman, author and scholar. He is the New York Times bestselling author of The Upside of Inequality: How Good Intentions Undermine the Middle Class and Unintended Consequences: Why Everything You've Been Told About the Economy Is Wrong; and a contributor to Oxford University Press’ United States Income, Wealth, Consumption, and Inequality. Conard is an adjunct fellow at the American Enterprise Institute for Public Policy Research. Previously, he was a managing director at Bain Capital, where he worked closely with former presidential candidate Mitt Romney.

David Wessel American journalist and writer (born 1954)

David Meyer Wessel is an American journalist and writer. He has shared two Pulitzer Prizes for journalism. He is director of the Hutchins Center on Fiscal & Monetary Policy at the Brookings Institution and a contributing correspondent to The Wall Street Journal, where he worked for 30 years. Wessel appears frequently on National Public Radio's Morning Edition.

Danyel Smith is an American magazine editor and journalist. Smith is a 2014 John S. Knight Journalism Fellow at Stanford University. She is also writing a history of African-American women in pop music. Smith is also the former editor of Billboard and the first African-American editor of the magazine. Also, she is the former chief content officer of Vibe Media Group and former editor-in-chief of Vibe and vibe.com. She was the first African-American, and first female editor of Vibe.

Gregory White Smith

Gregory White Smith was an American biographer of both Jackson Pollock and Vincent van Gogh. In addition to writing 18 books with Steven Naifeh, Smith was an accomplished musician, historic preservationist, art collector, philanthropist, attorney, and businessman who founded several companies including Best Lawyers, which spawned an entire industry of professional rankings.

John A. Glusman is vice president and editor-in-chief of W. W. Norton and Company, the largest independent, employee-owned publisher in the United States, and the author of Conduct Under Fire: Four American Doctors and Their Fight for Life as Prisoners of the Japanese, 1941-1945.

Ann Hornaday is an American film critic. She has been film critic at The Washington Post since 2002 and is the author of Talking Pictures: How to Watch Movies (2017). In 2008, she was a finalist for the Pulitzer Prize for Criticism.

Joan Doran Hedrick is a Pulitzer Prize-winning historian and biographer of Harriet Beecher Stowe and Jack London.

Carlos Eduardo Francisco Lozada Rodriguez Pastor is a Peruvian-American journalist and author and the nonfiction book critic of The Washington Post. He won the Pulitzer Prize for Criticism in 2019 and was a finalist in 2018. The Pulitzer Board cited his "trenchant and searching reviews and essays that joined warm emotion and careful analysis in examining a broad range of books addressing government and the American experience." He received the 2015 National Book Critics Circle Nona Balakian Citation for Excellence in Reviewing. Lozada is an adjunct professor of political science and journalism for the University of Notre Dame's Washington program. He is the author of What Were We Thinking: A Brief Intellectual History of the Trump Era, published in October 2020 by Simon & Schuster.

References

  1. 1 2 Beal, Dave (2014-03-25). "'Who Stole the American Dream?': Hedrick Smith to discuss middle-class troubles". Minneapolis Post. Retrieved 2014-05-30.CS1 maint: discouraged parameter (link)
  2. Weinberg, Steve (2012-10-14). "Book review: Who stole the American Dream?" . Retrieved 2014-05-30.CS1 maint: discouraged parameter (link)
  3. Michael Lipkin (Director) (October 1, 2012). ""Who Stole the American Dream?"". WTTW. Retrieved 2014-05-30.Missing or empty |series= (help)CS1 maint: discouraged parameter (link)
  4. Mucha, Thomas (2012-10-04). "Who Stole the American Dream? A new "detective story" by Pulitzer Prize-winning journalist Hedrick Smith digs into the collapse of the American middle class". Boise Weekly. Retrieved 2014-05-30.CS1 maint: discouraged parameter (link)
  5. "WHO STOLE THE AMERICAN DREAM? by Hedrick Smith". Kirkus Reviews. 2012-08-01. Retrieved 2014-05-30.CS1 maint: discouraged parameter (link)
  6. 1 2 "Who Stole the American Dream?". Politics & Prose Bookstore. Retrieved 2014-05-31.CS1 maint: discouraged parameter (link)
  7. "Nonfiction Book Review: Who Stole the American Dream? by Hedrick Smith". Publishers Weekly. 2012. Retrieved 2014-05-30.CS1 maint: discouraged parameter (link)
  8. Lynch, Frederick R. (2012-10-27). ""Who Stole the American Dream?" by Hedrick Smith". The Washington Post. Retrieved 2014-05-30.CS1 maint: discouraged parameter (link)
  9. "Book Review - Who Stole the American Dream: Problems laid out; solution less clear". The Columbus Dispatch. 2012-09-23. Retrieved 2014-05-30.CS1 maint: discouraged parameter (link)
  10. "Washington Journal segment: Book Discussion on Who Stole the American Dream?". C-SPAN. 4 May 2012. Retrieved 12 April 2015. Hedrick Smith was interviewed by phone about his forthcoming Who Stole the American Dream? Can We Get it Back?CS1 maint: discouraged parameter (link)
  11. "Book Discussion on Who Stole the American Dream?". C-SPAN. 17 October 2012. Retrieved 12 April 2015. Pulitzer Prize winner Hedrick Smith discussed his book, Who Stole the American Dream?, in which he argues that over the past four decades the American Dream had been dismantled and the U.S. had become two Americas. He responded to questions from the audience.CS1 maint: discouraged parameter (link)
  12. "Book Discussion on Who Stole the American Dream". C-SPAN. 13 November 2012. Retrieved 12 April 2015. Author Hedrick Smith talked about his book, Who Stole the American Dream. This interview was held at the 35th Annual National Press Club Book Fair and Authors' Night, a fundraiser for the Eric Friedheim National Journalism Library held Tuesday, November 13, 2012, from 5:30 to 8:30 p.m.CS1 maint: discouraged parameter (link)
  13. "Washington Journal segment: Hedrick Smith on the Declining Middle Class". C-SPAN. 3 May 2013. Retrieved 12 April 2015. The Pulitzer Prize-winning reporter Hedrick Smith, author of "Who Stole the American Dream?", detailed the decline of the middle class over the past 50 years as well as the political and economic decisions which led to it. He responded to telephone calls and electronic communications.CS1 maint: discouraged parameter (link)
  14. "Washington Journal segment: 2013 in Review with Hedrick Smith". C-SPAN. 31 December 2013. Retrieved 12 April 2015. Hedrick Smith listed his picks for the top news stories of 2013. He cited income inequality as his top underreported story, which is the subject of his book, Who Stole the American Dream?, which he discussed at length. Some of his other picks included gay marriage, the government shutdown, and the right wing of the Republican Party.CS1 maint: discouraged parameter (link)
  15. Lykins, Lorrie (2013-02-16). "Review: Hedrick Smith's 'Who Stole the American Dream?'". Tampa Bay Times. Retrieved 2014-05-30.CS1 maint: discouraged parameter (link)