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The American Dream Is Not Dead: (But Populism Could Kill It) (New Threats to Freedom Series) Paperback – February 25, 2020

4.4 4.4 out of 5 stars 77 ratings

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Populists on both sides of the political aisle routinely announce that the American Dream is dead. According to them, the game has been rigged by elites, workers can’t get ahead, wages have been stagnant for decades, and the middle class is dying. 

Michael R. Strain, director of economic policy studies at the American Enterprise Institute, disputes this rhetoric as wrong and dangerous. In this succinctly argued volume, he shows that, on measures of economic opportunity and quality of life, there has never been a better time to be alive in America. He backs his argument with overwhelming—and underreported—data to show how the facts favor realistic optimism.

He warns, however, that the false prophets of populism pose a serious danger to our current and future prosperity. Their policies would leave workers worse off. And their erroneous claim that the American Dream is dead could discourage people from taking advantage of real opportunities to better their lives. If enough people start to believe the Dream is dead, they could, in effect, kill it. To prevent this self-fulfilling prophecy, Strain’s book is urgent reading for anyone feeling the pull of the populists. 

E. J. Dionne and Henry Olsen provide spirited responses to Strain’s argument.



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Editorial Reviews

Review

"An inoculation against politically motivated misinformation." 
—George Will,
The Washington Post

"Strain sets a fine example in his short, approachable book. He shows that living standards have not stagnated in America. To the contrary, most prime-age workers today are better off than their parents were. There are real economic and social problems, which policymakers should address. But the economy is not rigged for all but those at the very top. One should hope his message is heard—and repeated—far and wide."
—William J. Luther, 
Independent Review​

 “[A] much-needed look at everything that’s going 
right in this country….People often fall into a belief that life was somehow better in the past. In The American Dream Is Not Dead, Michael Strain shows it wasn’t, while not denying that the U.S. faces real challenges even in our prosperous age. It’s a good gift for that pessimistic reactionary down the street.”—National Review

“Michael Strain’s book delivers a passionate defense that opportunity and meritocracy still exist in America.”
The Adam Smith Institute​

“Michael Strain offers a trenchant look at U.S. households' material standard of living. If his message were summarized on a hat, it would read ‘Make America Grateful Again.’”
N. Gregory Mankiw, Robert M. Beren Professor of Economics, Harvard University and former chairman of the Council of Economic Advisers

“Michael Strain’s important book is a welcome antidote to the pervasive pessimism surrounding economic policy debates.  I don’t agree on everything but feel better after reading it about our economy and more importantly, about how policy can make it better.”
Lawrence H. Summers, Charles W. Eliot University Professor, Harvard University and former Secretary of the Treasury

"Without glossing over the real challenges that too many Americans face, Michael Strain makes a persuasive case that the American dream remains alive and well. And, he provides important policy recommendations that policymakers would do well to heed in order to strengthen the American dream."
Paul Ryan, former Speaker of the House of Representatives

“In this important book, Mike Strain persuasively bolsters his title claim that ‘the American Dream is not dead.’  While the nation faces disruptive challenges from economic changes from trade and technology, those very changes help propel our prosperity. What could kill the American Dream, as Strain notes, is a populist call for protection. Every serious student of the current economic and political situation should read this book.”
Glenn Hubbard, dean emeritus and the Russell L. Carson Professor of Finance and Economics, Columbia Business School, and former chairman of the Council of Economic Advisers

“Before you declare the American Dream is dead, you should take the time to read Michael Strain’s case to the contrary. Strain provides a thoughtful and balanced assessment of the evidence on the state of American workers and families, rejecting some of the claims from both the left and the right.”
Jason Furman, professor of practice, Harvard Kennedy School and former chairman of the Council of Economic Advisers

“Michael Strain is one of the keenest economists at work on the center-right today. In this brief but important book, he dares to bring facts to the overheated and often poorly informed debate over the state of the American Dream. Engaging and convincing, this book is essential reading for anyone who wants to understand our economic present—and future.”
Rich Lowry, editor of National Review

“In this lively contribution to our national debate, Michael Strain presents the evidence for how Americans are really doing. Strain shows we're faring better than you'd think from doom-sayers of left and right. He also argues that misunderstanding our real situation could lead to foolish and damaging policies that would make things worse, not better. An important short book.”
William Kristol, director, Defending Democracy Together
 
"We have a bad news bias. Frequently, however, that creates an inaccurate picture of the world. In
The American Dream Is Not Dead, Michael Strain shows that while there are very real challenges ahead of us as a country, Americans are living in the best, most prosperous time in our nation’s history. This book shows that hope and truth go together."
Arthur C. Brooks, professor of practice, Harvard Kennedy School Arthur C. Patterson Faculty Fellow, Harvard Business School



“This vital book suggests we reconsider the doom and gloom economic narrative in favor of acknowledging that ongoing economic progress continues to deliver rising material prosperity each year, increasing opportunity, and greater freedom from want. The argument matters because the strongest foundation for a "small c" conservative perspective is that a system that delivers such progress is worth conserving. Strain's intellectual depth, policy breadth, and relentless honesty mark him as one of the leading conservative intellectuals of our time. I'm no conservative, partly because I might see the case for change more clearly than Strain. But Strain asks hard questions, presents uncomfortable data, and makes counterarguments more clearly than any other right-of-center wonk. Whatever side of politics you're on, this smart little book will make you a better wonk, with a clearer sense about the facts that underpin the biggest policy debates of our time.”
Justin Wolfers, professor of economics and public policy, University of Michigan

"Just how good or bad are things in America right now? Michael Strain's
The American Dream Is Not Dead is the most balanced and informative take on this question you are likely to see."
Tyler Cowen, professor of economics, George Mason University and coauthor of the Marginal Revolution blog

“The American Dream is alive and well—not based on wishful thinking, but on abundant evidence. Michael Strain’s balanced and expert presentation, acknowledging problems but identifying the strengths in America’s economy, is exactly what the policy debate has needed: a data-driven look at good news that has been ignored by politicians of left and right alike.”
Charles Murray, F. A. Hayek Chair, American Enterprise Institute

“While I’m not convinced that the American Dream is entirely healthy, I’m more optimistic about its prospects after reading this book. I’m regularly on the other side of an argument from Michael Strain, yet I crave reading what he writes because in it I’ll find more compelling reasoning than I’ll typically otherwise encounter. Michael’s willingness to engage constructively and convincingly makes him an important voice in any meaningful discussion about the American Dream.”
—— 
Ali Velshi, host, “Velshi” on MSNBC

“Michael Strain's
The American Dream Is Not Dead should be read widely by people who think—or fear—otherwise. In clear and simple style, this accessible, no-nonsense treatise lays out the basic facts about the track record of the American economy and how the economy has delivered for ordinary Americans by such yardsticks as wage growth, middle class job creation, family income, and economic mobility. By these and other criteria, he argues, performance in recent decades has been tolerably good—certainly much better than many of us have been told.”
Nicholas Eberstadt, Henry Wendt Chair in Political Economy, American Enterprise Institute

About the Author


Michael R. Strain is Director of Economic Policy Studies and Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute (AEI). An economist, his research has been published in academic and policy journals and he has edited two books on economics and public policy. He is a research fellow at the Institute of Labor Economics (IZA) in Bonn, Germany, writes regularly for popular audiences, and is a columnist for
Bloomberg Opinion. Strain is frequently interviewed by major media outlets, speaks often to a variety of audiences, and has testified before Congress. He holds a PhD in economics from Cornell University and lives in Washington, DC.

Product details

  • Publisher ‏ : ‎ Templeton Press; First Edition, First Edition, First Edition, 1 (February 25, 2020)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 168 pages
  • ISBN-10 ‏ : ‎ 159947557X
  • ISBN-13 ‏ : ‎ 978-1599475578
  • Item Weight ‏ : ‎ 6.4 ounces
  • Dimensions ‏ : ‎ 5 x 0.5 x 7 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 77 ratings

About the author

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Michael R. Strain
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Michael R. Strain is Director of Economic Policy Studies and Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute. An economist, his papers have been published in peer-reviewed academic journals and in policy journals, and he is the editor of two books on economics and public policy. He is the author of “The American Dream Is Not Dead: (But Populism Could Kill It),” published in February 2020. He is a research fellow with the Institute for the Study of Labor (IZA) in Bonn. Dr. Strain also writes frequently for popular audiences, and his essays and op-eds have been published by The New York Times, The Wall Street Journal, The Washington Post, The Atlantic, and National Review, among others. He is a columnist for Bloomberg Opinion. A frequent guest on radio and television, he is regularly interviewed by broadcast news networks, including CNBC, MSNBC, and NPR. He has testified before Congress and speaks often to a variety of audiences. He holds a Ph.D. in economics from Cornell, and lives in Washington.

Customer reviews

4.4 out of 5 stars
77 global ratings

Top reviews from the United States

Reviewed in the United States on March 19, 2020
Michael Strain's book is a useful antidote for the many untrue claims we hear from politicians and pundits, especially during an election year. His book is careful and judicious; he discusses national trends while acknowledging that good average results do not mean everyone is better off. He's willing to declare his uncertainty about some results, and he points to several areas where we can do better. It's a model for an intelligent discussion. He even invites two commentators (one left, one right) to offer their critiques. How often do you see that? [His commentators don't come up to his standard.]
3 people found this helpful
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Reviewed in the United States on July 5, 2023
This is a very useful work to increase ones understand of our place in the World.
Reviewed in the United States on April 13, 2020
Like many economics books, this one will challenge many people’s beliefs. I am one who believes that the American dream is definitely not dead, but nostalgia about middle class jobs that require little training and stay the same over a career is not productive. The future will require skill mobility, constant learning and the ability to adapt to change. That means we have to fix our educational systems (they are seriously outdated) and people need to increase productivity. So the dream is there, it’s terms are just different.
11 people found this helpful
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Reviewed in the United States on November 13, 2022
Michael Strain’s book is wrong, but thinking through all the ways in which it is has been a useful exercise.
One person found this helpful
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Reviewed in the United States on July 10, 2021
The book brings up significant issues and inaccuracies in common discourse regarding the death of the American Dream and presents evidence and interpretation to the opposite. It is particularly notable that the author invited two other scholars to provide responses to his book, as it provides balance and a holistic view of the issue at hand.
One person found this helpful
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Reviewed in the United States on November 22, 2020
I loved this book. Lots of great charts and graphs.
Reviewed in the United States on April 25, 2021
Michael R. Strain makes a strong case that the American Dream of upward mobility is not dead. Packed with readable information as well as simple, clear graphs this book is a wealth of practical and understandable information. The best thing about it is that Strain invited two of his idealogical opponents to respond to and rebut his premise and his arguments. Both had good points that Strain responded to in a brief chapter at the very end; making his argument even stronger. All of it was done in a spirited yet respectful manner.

The only flaw in the book is that he did not spend enough time proving that Populism could really kill the American Dream (though I agree with him that it could). He needed more than just one brief section of a chapter to do that assertion justice.

If I could give this book 4.5 stars I would. Highly recommended.
One person found this helpful
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Reviewed in the United States on April 30, 2020
Excellent analysis by Michael Strain