Summer Reading: Ours Was the Shining Future Review
This summer, we’re reading Ors was the Shining Future. Drawing on decades of writing about the economy for The New York Times, Pulitzer Prize–winning writer David Leonhardt examines the complex history of the “American Dream.”
Leonhardt questions how, where once the great majority of Americans could hope to earn more than their parents, now only half are likely to. Two decades into the twenty-first century, life expectancy has declined, economic inequality has soared, and, after some progress, the Black-white wage gap is once again as large as it was in the 1950s. How did this happen in the world’s most powerful country?
This challenging and vivid narrative is split into three parts: The Rise, The Fall, and What’s Next. Though the American dream feels lost to us now, Leonhardt shows how Americans—if they commit themselves to transforming the economy, as they did in the past—have the power to revive the dream once more.
“The Rise” pinpoints where the phrase “the American Dream” seems to have first appeared - the Great Depression. Up to that point, there were two forces of power that influenced the economy: the Progressive movement and the big business interests. Progressives sought to establish things like a minimum wage and safer working conditions, while big business interests were essentially proponents of what the author refers to as “rough-and-tumble capitalism” (low taxes and few regulations, a laissez-faire government that allows market forces to dominate).
The Depression created a dire situation for so many people that a large political force was able to band together and unionizing workers were able to demand higher wages, better working conditions, and more rights. Roosevelt provided crucial support for the unions. Culture followed power, and the nation began to veer away from self-interested practices.
Continuing into the WWII era and beyond, the government took a more cooperative approach with labor unions and regulators. The Committee for Economic Development (CED) promoted the idea that cost control isn't the sole route to profitability. This ideological shift resulted in a more moderate form of capitalism, where wages rose, the middle class grew, and the economy experienced a level of equality not seen since the mid-19th century.
Dwight Eisenhower's presidency reflected this cultural shift, emphasizing economic moderation and compromise between businesses and workers. Eisenhower also made wise investments in infrastructure, sacrificing short-term gains in favor of long-term economic growth and prosperity, and leaving a legacy that led to transformative changes like the interstate highway system and technological advancements that made post-war America an innovative world power.
Amazingly, wage disparity between white and Black workers actually shrank during the postwar era. The 1940s and 50s were a time of severe inequality and government-sanctioned racial discrimination. Yet, unions became more inclusive in allowing more non-white workers to join. The broad, common good-oriented policies of the postwar era were such that Black families were able to climb the economic ladder in the 1940s, 50s, and 60s.
And then" “the Fall”. By the time of the larger civil rights victories in the 1960s, the country was already beginning to shift. Essentially, a widely shared post-WWII prosperity collapsed thanks to the right’s championing of corporate greed and the left’s abandonment of the working class.
Things had definitively changed by the 1970s. Corrupt labor unions stopped organizing new workers, right-wing intellectuals propagandized a laissez-faire business culture that was hostile to unions and government regulation, and the Democratic Party turned toward liberal social issues that appealed to college-educated professionals and away from blue-collar economic issues. The result is a modern America steeped in economic stagnation and inequality.
The United States once had the world’s most educated population and an impressive transportation system. Now, we don’t. We also rank near the bottom among developed nations in providing pre-K classes. “We have drifted from our ideals” of “equality, liberty, opportunity and democracy,” Leonhardt writes, and, beginning in the mid-1970s, “entered a dark new economic era.”
Over the next 50 years that get us to the present day, this shift has led to greater inequality and — a causal logic that is harder to prove — slower growth. He criticizes both political parties for their roles in the economic stagnation and rising inequality of recent decades.
Leonhardt leaves us with advice, emphasizes the importance of learning from the past to craft solutions for the future, advocating for policies that support widespread prosperity rather than favoring the wealthy few. He identifies key areas that need reform, including:
Economic Policies that promote economic equity, such as stronger labor unions, a higher minimum wage, and increased public investment.
Immigration and Civic Activism, including how grassroots movements have historically driven significant change in the U.S., suggesting that similar efforts can help restore the American Dream today.
Environmental Sustainability, that future economic policies must balance growth with environmental considerations to ensure long-term prosperity.
From our vantage point, we see careers like those in construction and manufacturing as important avenues to rebuild the middle class and re-establish equality. It may not be a coincidence that over the past 50 years, we have offshored hundreds of thousands of jobs in these fields, hollowing out unions as well as communities.
Ultimately, we hope to play our small role in connecting individuals with the pathway to their own American Dream reality.
