The Fifth Freedom: Guaranteeing an Opportunity-Rich Childhood for All

by David Erickson

It is within our power to provide an opportunity-rich childhood for all In 1941 President Franklin Roosevelt delivered his famous Four Freedoms speech. In that speech Roosevelt proposed that all Americans should be granted the freedom of speech, freedom of worship, freedom from want, and freedom from fear. In his new book, The Fifth Freedom, senior vice president at the Federal Reserve Bank of New York David Erickson makes the case for the freedom to an open future. The status quo in the United States is unfair and expensive. We spend too much on downstream consequences of people living in poverty rather than spending money on the upstream conditions that would guarantee an opportunity-rich childhood for all. A strong foundation in childhood is the best predictor of a healthy and productive adulthood. A commitment to the fifth freedom would save trillions on avoided chronic disease, incarceration, educational failures, and lost productivity. The Fifth Freedom calls for place-based institutions that support growth and development—good schools, well-funded libraries, safe streets and public spaces, quality health care, spiritual homes, and well-functioning transportation that puts other essential amenities in reach, especially jobs—that work in concert with individual interventions—tutoring, counseling, and coaching. Not providing children with the resources they need is more expensive than reacting the negative consequences of not having them.

Genres: Nonfiction

200 pages, Hardcover

Published February 27, 2023

About the author

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Reviews

[Carolyn · Rating 2 out of 5]

The first line of the introduction is "The status quo in the United States is stupid, unfair, and expensive." This was true for 2023, when the book was published, but I found that reading it in 2025 was quite difficult - I just kept hearing the MAGA wrecking ball slamming into that old status quo. The author also writes "federal policy should focus on how to enable these experiments to grow." I actually wrote, "LOL" in the margin, because that seems like such a quaint thought with this administration.

I'm sure if I read this at a time without perimenopause and fascism making me permanently enraged, I would say that this book is full of great, actionable ideas.