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The Riches of This Land: The Untold, True Story of America's Middle Class

Jim Tankersley (Goodreads Author) (Author/Narrator),

Angelo Di Loreto (Narrator)

3.96 · Rating details · 109 ratings · 27 reviews

A vivid character-driven narrative, fused with important new economic and political reporting and research, that busts the myths about middle class decline and points the way to its revival.

For over a decade, Jim Tankersley has been on a journey to understand what the hell happened to the world's greatest middle-class success story -- the post-World-War-II boom that faded ...more

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Published August 11th 2020 by Hachette Audio

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Sep 13, 2020 Jason Furman rated it it was amazing

Shelves: economics, journalism, nonfiction, american_life

As I was reading this book I couldn’t help but think I was reading an excellent narrative journalistic account of the paper Hsieh et al published in Econometrica in 2019 finding that 20 to 40 percent of productivity growth in the half century following 1960 was due to “improved allocation of talent” as barriers to women, people of color and others were reduced—although not eliminated. Then halfway through the book Jim Tankersley takes a brief hiatus from narrative journalism to do an economics l As I was reading this book I couldn’t help but think I was reading an excellent narrative journalistic account of the paper Hsieh et al published in Econometrica in 2019 finding that 20 to 40 percent of productivity growth in the half century following 1960 was due to “improved allocation of talent” as barriers to women, people of color and others were reduced—although not eliminated. Then halfway through the book Jim Tankersley takes a brief hiatus from narrative journalism to do an economics literature review—and begins it with this Hsieh et al paper. Which is to say, there his a lot of cutting edge economics and research underlying the moving and powerful stories Tankersley tells in the book.

Tankersley argues provocatively but persuasively that journalists have not neglected the white men that voted for Trump but in fact lavished attention on them, including the workers that Tankersley himself had quoted in his news stories. Instead it is women, minorities and immigrants who Tankersley argues have not been heard from enough—and who played a critical role in building the middle class and fueling American economic growth. Tankersley tells the story largely by drawing on his own reporting over the last fifteen years which takes places all across the country: New York, Chicago, Ohio, Winston-Salem, and Western Massachusetts among other places. He is interested in the jobs that have disappeared, the hollowing out of manufacturing and the middle class, and way obstacles were reduced in the 1950s and 1960s but then inequality emerged and grew as a major obstacle in recent decades.

I mostly agree with Tankersley’s arguments. I appreciated that for a book that focuses on inclusion and distribution, he appreciates and clearly shows the importance of aggregate productivity growth and the sources of that growth—both the obvious ones and the less obvious ones. At times Tankersley takes all of the most negative perspectives on his data without qualification/nuance (e.g., he’ll use statistics about record low job growth without pointing out how different today’s demographics are and does not mention that the negative growth of median income in various periods he cites was not true if you adjust for household size). I also think the book emphasized institutional explanations for inequality more but did not take the race between education and technology nearly as seriously—reducing it more to skill-biased technological change without the educational component. Finally, and this is more tone than anything, I didn’t love the identification of every economist by their race/gender, even on multi-authored papers and often Tankersley refers to the “economy” as if it had agency and its own villainy as opposed to be composed of all of us. Finally, I would have loved to hear more about the relationship between “economic” and “cultural” explanations of populism and Tankersley’s views, in particular, on the cultural debates around immigration.

All in all, however, the book demonstrates what happens when an intelligent, sympathetic journalist goes out and talks to both human beings and economists and does an excellent combination of the two in forging a powerful and important narrative about what went right and now wrong with the American economy and the real human consequences of these aggregates. ...more

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Oct 18, 2020 Mehrsa rated it really liked it

This book was pretty good and I enjoyed the stories. I was annoyed though how much he kept saying that "you're probably wrong about this" and then saying something that I actually was not wrong about. The whole premise of the book is that he's going to bust all the myths you believe, which is fine when it comes to common tropes--the main one being that when pundits talk about the struggling middle class, they leave out the huge Black and brown and female workers. That is a press problem, but it' ...more

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Dec 22, 2020 Steve Fox rated it it was amazing

Editor's Note: I am totally biased in my review. Author Jim Tankersley, who isn't all that much younger than me, will always be a "kid" as I first met him when he was a high school student intern at the News-Register newspaper in McMinnville. I was the sports editor at the N-R. I won't hold it against Jim for not mentioning me in the acknowledgements. He does acknowledge the impact interning during high school had on his future, crediting newspaper owner/publisher Jeb Bladine. I think his educat ...more

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Aug 22, 2020 Marks54 rated it really liked it · review of another edition

So it is about 70 days until the election. This is one of the first policy/trade books addressing economic issues of importance for the election. The author is an economics and tax reporter for the New York Times. The focus of the book is on the “hollowing out” of the American middle class, in particular the sharp decline in the manufacturing sector for such reasons as globalization, offshoring, automation, and creative destruction/innovation that renders some sectors obsolete. These topics have So it is about 70 days until the election. This is one of the first policy/trade books addressing economic issues of importance for the election. The author is an economics and tax reporter for the New York Times. The focus of the book is on the “hollowing out” of the American middle class, in particular the sharp decline in the manufacturing sector for such reasons as globalization, offshoring, automation, and creative destruction/innovation that renders some sectors obsolete. These topics have been around for quite a while, at least since the 1980s and more fully into the 2000s.

What is unusual and interesting about the book is not this set of issues, but the particular take that Mr. Tankersley has on these issues and the suggestions he maps out for remediation. The key to Mr. Tankersley’s perspective is that he sees the “middle class” inclusively to include not only while males without a college education but also women and members of minority groups who have also held these types of jobs and who have suffered grievously from the current recession and the 2007-2008 economic crisis. He makes use of important econometric research to illustrate that during the golden age of the American middle class, the removal of workplace restrictions on women and minorities, imperfect as they may have been - contributed significantly to the economic growth that benefitted the entire economy, including white males. Tankersley argues that journalists - himself included - by failing to note the inclusive nature of the middle class - contributed to the alienation of white non-college educated workers and thus helped fuel the frustration that got Trump elected. The implication of his analysis is that the preferred job creation needed going forward in one that invests in diverse human capital, in conjunction with entrepreneurial ventures to bring new jobs to the middle class.

What do I like about the book?

1) The interview streams/cases are well done and believable. The background on American deindustrialization is not new but seems accurate and interesting.

2) Tankersley reads and understands some of the best econometric research around these issues and is skilled at interpreting it in the context of real people. ...and he does not need to use terms like “nonseparabilities” to do it. This is a smart book that does not requires a stat background to read.

3) Tankersley provides a detailed presentation of the economic program of the Trump administration and then examines in detail how it all worked out. His position on all of this is clear but his presentation also seems fair and reasonable.

4) Put all this together - the is one of the first, if not the first, book on political economy to also tie in both the BLM issues and the COVID pandemic. The key is the growing of the middle class into new areas of job and industry creation through investments in diverse human capital. It is a nice package and the timing before the election could not be better.

What do I like less about the book?

1) I applaud the use of econometric studies but not how the interpretation of various interaction effects are far from clear. Models will have their explained variance metrics, but how the models relate to real situations and lived lives may not be as clear as it seems at first. The methodology can be a bit wooly.

2) The details on the diverse approach towards restructuring the middle class/working class are a bit thin and more would be appreciated. Given the current mess, how does one proceed with a human capital strategy to invest in the economy?

Overall, I was pleasantly surprised by the book and highly recommend it. ...more

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Nov 15, 2020 Elizabeth rated it really liked it · review of another edition

Shelves: 2020

I was given this book as a gift and didn't pick it up until after the 2020 election when I wanted to learn more about working class voters who are especially critical in the rust belt states. This book is written by Jim Tankersley, a New York Times economics reporter and discusses what led to the post WWII middle class expansion, why it contracted, the current state of middle class work and wages in the United States, why Trump appealed to some middle class voters, and whether any of his policie I was given this book as a gift and didn't pick it up until after the 2020 election when I wanted to learn more about working class voters who are especially critical in the rust belt states. This book is written by Jim Tankersley, a New York Times economics reporter and discusses what led to the post WWII middle class expansion, why it contracted, the current state of middle class work and wages in the United States, why Trump appealed to some middle class voters, and whether any of his policies actually helped them.

The book's main argument is that expanding opportunities for women and workers of color in the 60s and 70s allowed more workers to do jobs that they were the best suited to, expanded the middle class, and improved the economy for all middle class workers. Tankersley analyzes several economic datasources to show that beginning in the 80s, discrimination increased and hindered opportunities especially to workers of color. He argues that reinvigorating the middle class will again require expanding opportunities to all workers and not just white, male middle class workers. And that policies that pit groups of middle class workers against each other don't actually help any of the problems facing the middle class.

He also includes several anecdotes about middle class workers from various stages of the 20th century and today. The ones that were the most heartbreaking/compelling were the ones about Ed and his family, middle class workers in North Carolina that highlight the fact that middle class workers now have limited opportunities and work really hard for less wages.

His analysis of some of the factors that led to the downfall of the middle class and also the limited impact of Trump economic/trade policies on middle class workers were parts of the book that I also found really interesting. I was surprised to learn the degree that normalizing trade relations with China/admitting China to the World Trade Organization seemed to be one of the biggest drivers of the loss of middle class jobs. And he explains Trump's policies had only a limited impact early on for job creation and didn't create manufacturing jobs in states like Ohio. He also analyzes the impact of Trump's trade war with China.

I've only taken entry-level economics courses, and I thought the book did a good job explaining complicated concepts and data. My only criticism is that the book comes up a little short on specific policies that will help these workers. That said, it seems like no one really has answers. Tankersley has interviewed economists and politicians from both parties, and it seemed like, for example, Hillary Clinton didn't have great answers either. His main recommendations appear to be invest in workers and eliminate discrimination, but those ideas are a little vague. He also favors expanding immigration and particularly for immigrant workers to move to rural areas of the country. One thing that I wonder if he will address in articles after the election is Trump's success in gaining some black and latino voters in the 2020 election. ...more

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Sep 17, 2020 Michael Spikes rated it liked it

Overall, an interesting approach to the question of what happened to America’s middle class. It’s was interesting to me to hear a journalist call upon research from economists so much in making the argument instead of only letting the stories of individuals do all of the talking. However, while the argument was compelling, and one that I agree with, it does highlight how easily one can pick and choose their chosen set of stats to make whatever point that they wish. That said however, I appreciat ...more

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Oct 19, 2020 Miguel rated it really liked it · review of another edition

Overall hot and cold on this book – as a self-described piece of narrative journalism Tankersley appears most interested in conveying a personal sense of the economic malaise in the US through a close reading of a few different regular folks while also introducing the reader to first person interviews with various talking heads and experts on the economy. In talking about the big issues and having the personal touch it often succeeds, but there’s a bit of over promising and under delivering on p ...more

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Jul 14, 2020 Lily rated it it was amazing

Beautiful, powerful and incredibly timely

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Sep 28, 2020 Melissa rated it it was amazing

Shelves: non-fiction, economics

Jim is a gifted story teller and has deep knowledge about the economic trends and challenges about which he writes. As an academic economist, I prefer the nuance and data of the economics papers he draws on, but I suspect most readers will prefer and appreciate the simple (sometimes too simplistic, I think) people driven approach of this “narrative journalism” piece. The book takes us through towns across America, meeting struggling middle class Americans; it also takes us to the office of Wilbu ...more

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Feb 10, 2021 Misael G rated it it was amazing

Shelves: planning-econ-favorites, nonfiction-favorites

I'm a self-described Econ/labor nerd. In this book, Jim Tankersley presents the challenges facing workers in the 21st Century as only an economic journalist could: with rigor, clarity, and memorable storytelling.

The post-WWII middle class, as it was understood to exist, has largely vanished. Gone are the middle-class manufacturing jobs for workers without a high school degree. Technological innovations have either replaced workers (mostly less-educated) or made them more productive (better educ I'm a self-described Econ/labor nerd. In this book, Jim Tankersley presents the challenges facing workers in the 21st Century as only an economic journalist could: with rigor, clarity, and memorable storytelling.

The post-WWII middle class, as it was understood to exist, has largely vanished. Gone are the middle-class manufacturing jobs for workers without a high school degree. Technological innovations have either replaced workers (mostly less-educated) or made them more productive (better educated), exacerbating wage inequality. The opening of trade with China and financial deregulation only further screwed the every day Joes.

But middle class gains and economic growth, as Tankersley shows, were largely unleashed by putting underemployed and previously excluded workers in productive opportunities. Destroying barriers to employment for black workers and women increased GDP per capita by 20-40% (!!). More people working productively means more incomes. More incomes means more spending. More spending more dollars circulating, creating new jobs, and a self-reinforcing virtuous cycle.

Getting back to middle-class growth will require empowering immigrants, workers of color, the non-college educated, and women to reach their potential. It means destroying barriers to their employment, and destroying good ol' boys clubs. Leah Boustan finds that when the US restricted immigration, wages actually FELL for American workers. Research from the IMF shows that long spells of economic growth are associated with low levels of inequality.

All your (my) favorite researchers and institutions are in here (Raj Chetty, David Autor, Piketty, Heather Boushey, Brookings, the Economic Innovation Group, Leah Boustan)! You'll find new favorite researchers (Chang-Tai Hsieh)! If you don't know who any of these people are, it's okay! I'm just a nerd!

My favorite part is the focus on values and morality. The second to last chapter is personally poignant (as is the collect to start). Do you love your neighbor? If so, you ought to fight for their right to meaningfully share in the riches of our land. ...more

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Jan 24, 2021 John rated it it was ok · review of another edition

Long on narrative, short on analysis. A handful of Sunday column character profiles padded out into a book. The late-middle where the author interviews Wilbur Ross and Peter Navarro, then does a post-mortem on Trump's economic campaign policy promises, is useful.

I try not to insist that every political or economic writer believe all the same things I believe, really I don't. But the author spends an entire chapter lamenting how hard it is to truly define what the "middle class" is. It is hard! H ...more

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Dec 05, 2020 Richard Thompson rated it liked it

Shelves: economics-and-business, politics

I agree with most of what Mr. Tankersley has to say, but in the end this is just another popular book by a journalist. It is broadly written for emotional appeal without a lot of substance to back it up. It's largely anecdotal. I do think that the post WWII economic boom that drove the creation of much middle class propsperity was driven in significant part by the contributions of women and minorities. And I agree that further steps to create more oppotunity for women, minorities and immigrants ...more

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Sep 13, 2020 Beata Fogarasi rated it it was ok

[audiobook] I like Jim Tankersley's reporting a lot and try to read most of his articles, which is why I ignored my general feeling that 'current events books' are a waste of time. Unfortunately, most of this book is talking about what he will talk about, rather than actually laying things out. His strength, of course, is the personal stories and micro histories he highlights through his reporting. But the thought framework is extremely repetitive and very vague, and I don't think it adds a ton ...more

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Feb 03, 2021 Elizabeth rated it liked it · review of another edition

Shelves: womens-studies, read-2021

The Riches of This Land (Hardcover)
by Jim Tankersley

good stories but little about how to become part of the solution except everybody should innovate because since the 70's the US has done less and less to facilitate innovation

listen here: Dave Davies interviews JT
https://www.npr.org/2021/02/03/963641...

https://www.globalinnovationindex.org/

South Korea Leads World in Innovation as U.S. Exits Top Ten ...https://www.bloomberg.com › news › articles › south-k...
1 day ago — The U.S., which topped th ...more

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Feb 23, 2021 Helena#bookdreamer rated it really liked it · review of another edition

Thank you netgalley for providing this ARC in exchange for an honest review.
This was a very informative and compelling book. The author brings up several good points on how diversity and gender equality enriches and uplifts the economy, how the incentives to big companies have not produced profitable jobs for the middle class and that the rise of Donald Trump in part was due to the middle class' frustration with broken promises, more work for less pay and a general sense of being unable to obtai ...more

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Feb 26, 2021 Rita Robinson rated it really liked it

Shelves: nonfiction

Author Jim Tankersley provides a solid glimpse into the real world of what happened to the middle class with a look at possible ways of fixing it. An award-winning economist reporter, now with the New York Times, he speaks with compassion in The Riches of the Land as he recounts the lives of people caught on the edges. Years of his journalism savvy on the pluses and minuses of how different administrations have tried to handle the country's economy, show most ending poorly. Through his real life ...more

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Oct 26, 2020 Carol rated it really liked it

I found this an excellent read written by one who is obviously intelligent and educated. His premise felt researched and lived in those traits. Obviously we live the life we have inherited and learned. And really, how could we do otherwise irregardless of what sect of the country we fall in. Unless we have walked a hundred miles in those shoes, we don’t understand or even hear it. We take care of ourselves based on our experiences and don’t understand the others. I felt Tankersley expressed that ...more

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Sep 27, 2020 Sam rated it really liked it · review of another edition

Shelves: political-economy

For the first half, this is beautifully written book with sympathetic characters and a strong point of view. The idea is that right-wing politicians have it all wrong. In fact, the best economy has been when immigrants, low-income workers, and underrepresented minorities have gotten the most gains. I thought the policy history was one-sided--there must have been some policymakers that understood the truth and were drowned out by corporate-backed voices, but that's not acknowledged. ...more

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Jan 14, 2021 Arlene S added it

Shelves: economics

Thought provoking as far as it went -- limited focus; The and only idea -- we should better utilize best skills of every person for the greater economic good by working toward eliminating discrimination of women, immigrants, persons of color and non-college graduates. Written for general audience, author is a journalist for various national publicationsaybe. Maybe get the same idea just by reading his published articles. (?)

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Sep 02, 2020 George E rated it liked it

A very well-written, readable book. The cover says "what went wrong and how to get it back"....but he doesn't have any specifics, other than major changes in social thought. Granted, these changes would work, but how do you get greedy rich people to change?
Its a good description of how we got to where we , and the lies we have to put up with from our "leaders" ...more

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Oct 30, 2020 Karoline rated it really liked it

Very well written. In terms of the subject matter, it didn't offer anything new, as the topic has been written about ad nauseum. I'm tired of this story and I have little sympathy for the uneducated, white working class story as they continue to vote against their own interests and lament at how everyone else is the cause of their problems. ...more

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Oct 16, 2020 Lois Whiteheaf rated it it was amazing

Jim Tankersley is a great economics reporter. He provides a lot of detail from his reporting all around the country to create a highly interesting book about today’s middle class.

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Dec 21, 2020 Bryan Byrer rated it really liked it · review of another edition

This book is an underrated 2020 release. This book threads the needle of accessibility while discussing complicated subject matter. The strength and weakness of this book are the same: the author synthesizes the data he’s reported and consumed in his 15 years of economic reporting into a narrative that is digestible for laypersons. Those more academically inclined will want for more hard data included in the main text instead of his bibliographic essay. All said, this book seek to correct the ma ...more

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Jan 24, 2021 Judd rated it liked it

This is a very interesting book but it was just a little slow and a little drawn out for me.

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Jan 26, 2021 Naren rated it really liked it

Recommended read if you want a bit more understanding of what ails America in the age of Trump. I wish he had footnotes with references though instead of the bibliography at the end of the book.

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Jun 08, 2020 Jen Juenke rated it it was amazing

Shelves: non-fiction

Whew....let me just exhale for a second.
This book is SOOOOO TIMELY! It talks about the COVID 19 pandemic, yet it had not reached the riots.
Yet this book is a MUST read for everyone this year.
This book is not just about white middle America, but EVERYONE MIDDLE AMERICA!
I absolutely loved Ed Green's story and how the author really drove home the points he was making while writing this book.
I must admit, I was a bit skeptical of how to bring back economic growth, but by the end of the book...I am a ...more

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Aug 27, 2020 Janet rated it it was amazing

Excellent. I couldn't put it down. ...more

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About Jim Tankersley

Jim Tankersley

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Jim Tankersley is the author of "The Riches of This Land" and an economics reporter for the New York Times. He covers the economic policies of the Trump administration and their effects on working people, the long-running and persistent inequities in the American economy, and, most recently, the nation's spiral into recession amid the coronavirus pandemic.

A son of small-town Oregon, he has writte ...more

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