Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It - Hardcover

Reeves Author Of President Kenne, Richard

Hardcover

ISBN 10: 081572912X ISBN 13: 9780815729129

Publisher: Brookings Institution Press, 2017

Synopsis

America is becoming a class-based society.

It is now conventional wisdom to focus on the wealth of the top 1 percent—especially the top 0.01 percent—and how the ultra-rich are concentrating income and prosperity while incomes for most other Americans are stagnant. But the most important, consequential, and widening gap in American society is between the upper middle class and everyone else.

Reeves defines the upper middle class as those whose incomes are in the top 20 percent of American society. Income is not the only way to measure a society, but in a market economy it is crucial because access to money generally determines who gets the best quality education, housing, health care, and other necessary goods and services.

As Reeves shows, the growing separation between the upper middle class and everyone else can be seen in family structure, neighborhoods, attitudes, and lifestyle. Those at the top of the income ladder are becoming more effective at passing on their status to their children, reducing overall social mobility. The result is not just an economic divide but a fracturing of American society along class lines. Upper-middle-class children become upper-middle-class adults.

These trends matter because the separation and perpetuation of the upper middle class corrode prospects for more progressive approaches to policy. Various forms of “opportunity hoarding” among the upper middle class make it harder for others to rise up to the top rung. Examples include zoning laws and schooling, occupational licensing, college application procedures, and the allocation of internships. Upper-middle-class opportunity hoarding, Reeves argues, results in a less competitive economy as well as a less open society.

Inequality is inevitable and can even be good, within limits. But Reeves argues that society can take effective action to reduce opportunity hoarding and thus promote broader opportunity. This fascinating book shows how American society has become the very class-defined society that earlier Americans rebelled against—and what can be done to restore a more equitable society.

About this title

From the Author:

This book seems to have hit a nerve. Even when people don't agree with me (and a lot of people do not) I feel good if the conversation about inequality becomes a bit more personal, and a bit less focused on the super-rich. Very pleased it made it onto the Economist list of Books of the Year 2017.

From the Inside Flap:

America is becoming a class-based society America prides itself on being a classless society, where hard work and talent get you ahead. A place where status is earned, not inherited. At least, that’s the idea. In fact, the United States is marked by a deepening class divide. Debates about inequality focus on the wealth of “super-rich,” or the top 1 percent. But as Richard Reeves shows, the most important and consequential gap in American society is the one between the upper middle class―broadly, the top fifth―and everyone else. The separation of the upper middle class can be seen in the income distribution, but also in family structure, neighborhoods, attitudes, and lifestyle. This is not just an economic divide but a fracturing of American society along class lines. Reeves shows how high-income parents are now passing on their class status to their children, threatening American ideals of equal opportunity and social mobility. Upper-middle-class children become upper-middle-class adults; class separation becomes class perpetuation. “For Americans,” Reeves writes, “this should set alarm bells ringing.” The upper middle class succeeds by accumulating skills and qualifications, but also by engaging in various forms of “ opportunity hoarding,” which make it harder for others to rise up to the top. These unfair mechanisms include zoning laws, college admissions procedures, and the allocation of internships. The result is a less competitive economy, Reeves argues, as well as a less open society. Inequality is natural, even desirable, when it results from fair competition. Class gaps that result from unfair advantage, however, generate legitimate resentment from those who are excluded. It is not too late to close the gap, however. Reeves outlines practical steps toward restoring opportunity and weakening class distinctions. This fascinating book shows how American society has become the very class-defined society that earlier Americans rebelled against―and what can be done to restore a more equitable social order.

About this edition

• Publisher: Brookings Institution Press
• Publication date: 2017
• ISBN 10: 081572912X
• ISBN 13: 9780815729129
• Binding: Hardcover
• Number of pages: 240