Posted at Hartmann Report on Nov. 13, 2024
Betrayal of the American Dream: How Democrats Lost FDR’s Middle Class
From FDR to Reagan to Trump: How the left lost its greatest power, and how to win it back…
The great lesson of the election of 2024 is that, to a large extent, class has replaced race as the single most potent political dividing line.
In 1933, Franklin D. Roosevelt took office and began a great experiment. Was it, he asked, really possible to create a society where more than half of a democratic and capitalist nation could enjoy a middle-class lifestyle? On the day of his inauguration the best estimate is that only about 15 percent of Americans had reached that economic milestone.
Back at the founding of our republic, several philosophers and economists suggested it was possible for a majority-middle-class society to emerge on this continent. Adam Smith (of the 1776 Wealth of Nations fame) wrote a book Theory of Moral Sentiments arguing that if a nation were to intervene in the marketplace in "moral" ways that uplifted working class people, such a society could emerge.
Thomas Paine similarly argued in Agrarian Justice for a number of progressive reforms including what today we call Social Security, a guaranteed minimum income, free public education, and the inheritance tax.
But from the beginning of America until 1933 most of these dreams were unrealized.