America’s #1 Progressive talk show host & best selling author Thom Hartmann visited with Politics Done Right to discuss the plight of the middle class and his new book The Hidden History of the American Dream: The Demise of the Middle Class―and How to Rescue Our Future.
Thom Hartmann: The American Dream.
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Thom Hartmann has long been regarded as one of the most influential progressive voices in the United States. As a bestselling author, radio show host, and political commentator, Hartmann has dedicated his career to dissecting the core issues that plague American society, particularly the erosion of the middle class. His latest book, The Hidden History of the American Dream: The Demise of the Middle Class and How to Rescue Our Future, focuses on the challenges facing America today and how these challenges stem from decades of economic policies that favor the wealthy elite. In an interview with Egberto Willies, Hartmann delves into his thoughts on the state of the American Dream, neoliberalism’s corrosive effects, and the steps needed to restore a thriving middle class.
The Historical Roots of the American Dream
From the country’s founding, the concept of the American Dream was built on the idea of a robust middle class. Hartmann explains that tariffs and protectionist policies, such as those advocated by Alexander Hamilton, were foundational in establishing America’s manufacturing base. These tariffs effectively protected domestic industries from foreign competition and allowed the U.S. to develop a strong industrial economy. The result was a burgeoning middle class that enjoyed economic stability and social mobility, which became the cornerstone of the American Dream.
However, as Hartmann traces in his book, the post-World War II era saw unprecedented prosperity for middle-class Americans. This period, often called the “golden age of capitalism,” was marked by widespread unionization, government investment in infrastructure, affordable education, and high wages. The middle class peaked, with two-thirds of Americans fitting into this socioeconomic category when Ronald Reagan took office in 1980.
Neoliberalism and the Decline of the Middle Class
Hartmann argues that dismantling the middle class began in earnest during the Reagan administration. Reagan’s neoliberal economic policies, which included massive tax cuts for the wealthy, deregulation of industries, and the dismantling of labor unions, initiated a downward spiral for middle-class Americans. Hartmann highlights that Reagan’s administration marked a significant departure from the Keynesian economic policies that had guided the U.S. from the 1930s through the 1970s.
In the interview, Hartmann describes how Reagan’s attacks on unions, beginning with the firing of air traffic controllers in 1981, set the stage for corporate dominance over labor. This move weakened labor’s bargaining power, leading to wage stagnation that continues to this day. Additionally, Hartmann points out how neoliberal policies—embraced not only by Republicans but also by Democrats like Bill Clinton—led to the outsourcing of American jobs, with trade agreements like NAFTA exacerbating the erosion of the domestic manufacturing base.
Hartmann links this trend to economic inequality, where the richest 1% have captured a disproportionate share of the nation’s wealth. Millions of good-paying, unionized manufacturing jobs were shipped overseas, leaving a hollowed-out economy dominated by low-wage service jobs. This transfer of wealth, Hartmann explains, is not a natural consequence of capitalism but a result of deliberate policy decisions designed to enrich the few at the expense of the many. While I agree with Hartmann mostly, I think it is important to note that capitalism without guardrails operates exactly as it was designed.
The False Promise of Neoliberalism and Trump’s Populism
One of Hartmann’s more intriguing parts of the analysis is his discussion of Donald Trump’s rise to power. Hartmann notes that while Trump’s populist rhetoric resonated with working-class Americans, his solutions were simplistic and misguided. For example, in Hartmann’s view, Trump’s imposition of tariffs and subsequent tariff policy statements on Chinese goods was done clumsily and without the necessary foresight to rebuild domestic industries.
Despite Trump’s failure to deliver on his promises, Hartmann acknowledges that his critique of free trade and neoliberal policies struck a chord with many Americans. Trump’s willingness to challenge the status quo—albeit in a haphazard way—highlighted the deep dissatisfaction among working-class voters whom both major political parties had abandoned.
However, as Hartmann asserts, the real solution to these problems lies not in the reactionary policies of Trumpism but in a return to the progressive values that once defined the Democratic Party. He points to the policies of Franklin D. Roosevelt and the New Deal as a model for how America can rebuild its middle class. These policies—government investment in infrastructure, progressive taxation, and strong labor protections—created a fairer economy where wealth was distributed more equitably.
The Path Forward: Rebuilding the American Dream
In the final portion of the interview, Hartmann emphasizes the need for a comprehensive industrial policy that can rebuild America’s manufacturing base and revitalize the middle class. He is a strong proponent of reintroducing tariffs and other protectionist measures, not to punish foreign nations but to incentivize the domestic production of goods. For example, rather than slapping arbitrary tariffs on Chinese imports as Trump did, Hartmann advocates for a strategic, long-term plan to reinstate tariffs that incentivize domestic business even as it assists those countries whose economies are mostly dependent on America buying products from them.
Hartmann also calls for a return to Keynesian economics, where the government actively ensures economic stability and fairness. He points to Joe Biden’s administration, which has quietly implemented some of these policies through measures like the Inflation Reduction Act and efforts to break up monopolies, as a step in the right direction. However, much more needs to be done to reverse the decades of damage wrought by neoliberalism.
Furthermore, Hartmann argues that education, healthcare, and other essential services should not be treated as commodities that profit-driven corporations exploit. Instead, these should be considered public goods, accessible to all, and funded by progressive taxation. By investing in these areas, America can create a more equitable society where everyone has the opportunity to succeed. Importantly, he points out that the corporatization of the housing market must be made illegal
Conclusion
Thom Hartmann’s The Hidden History of the American Dream: The Demise of the Middle Class and How to Rescue Our Future offers a sobering look at the decline of America’s middle class and the policies that caused it. His analysis, deeply rooted in history, provides valuable insights into how the country can reverse these trends and restore the American Dream. At a time when income inequality and economic insecurity are at record highs, Hartmann’s call for a return to progressive values and Keynesian economics is both timely and essential.
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