First published 2012
Pulitzer winner Hedrick Smith examines how America transformed into two separate countries over four decades. Smith begins with Lewis Powell's influential memo that sparked a political uprising, then tracks the policy shifts that dismantled shared prosperity. He reveals how the 401(k) plan started by accident with devastating results for workers, how changes began under Jimmy Carter, and how the New Economy broke America's growth engine. Smith documents $6 trillion in middle class wealth transferred from homeowners to banks before the housing crash. He shows how policies favoring the wealthy now stunt economic growth. The book exposes how laws changed without public notice, how Congress ignores popular opinion, and how Wall Street hired 1,400 former officials as lobbyists. Smith interviews people across the spectrum, from Bill Clinton and Newt Gingrich to airline mechanic Pat O'Neill and software manager Kristine Serrano. He connects individual stories to larger economic forces that undermined middle class stability. Smith concludes with proposals for restoring shared opportunity and rebuilding the American Dream.
Genres: business, american, political-science, economics, social-issues, non-fiction, 21st-century, american-history
Vibes: intimate, suspenseful, thought-provoking
Tropes: investigative-journalism, social-commentary
Setting: America
Period: 1970s, 1980s, 1990s, 2000s, 2010s
592 pages · Hardcover · Random House