Reviving the American Dream

In Episode 5 of Reimagine podcast, I spoke with J.D. Vance; investor, commentator and author of the bestselling memoir, Hillbilly Elegy about the future of the American dream and how we can reimagine innovation and inclusion in the economy.

There’s an often-ignored bias at the heart of our economy that threatens the health of our nation. Businesses and investments too often flow only towards the coasts, leaving the vast majority of the country filled with untapped potential and unrealized opportunity.

There are enormously talented people spread throughout middle America and rural communities who have the creativity to thrive — and all they need is an entrepreneurial opportunity to create a business and grow it. But because they live far away from where most venture capital and investment dollars go, they are not nearly as likely to be given the opportunity.

This leaves huge geographies in America ripe for growth. Labor is less expensive than on the coasts, and the people work just as hard — if not harder. There’s every reason to think many more areas can and should become a big part of the economic renewal of our country.

That renewal is the topic of my most recent podcast episode with guest JD Vance, author of Hillbilly Elegy. The hardship we’re seeing in rural America during COVID, amplified by the economic shutdown, creates a depression-like environment. A record number of people are relying on food banks, and we’re seeing a spike in mental health challenges, overdoses, and violence in various forms.

The pandemic is driving the things that were broken even more apart in our society. Wherever friction and inequality or disagreement exists, the pandemic makes it worse. The COVID economy is going to bring severe financial suffering to the rural poor, and it’s going to get worse before it gets better. Even before the pandemic hit, the American Dream was drifting out of reach for far too many of us. And now, rural America could be sent back decades, which will affect all of us.

We can come out of the pandemic stronger than before and create a better economic infrastructure if we emphasize a few key changes.

It’s time for us to reimagine the American Dream and put our resources towards that renewed aspiration. My philanthropy Schmidt Futures has created the Alliance of the American Dream — a network of communities providing opportunities around entrepreneurship and social mobility, anchored by public research universities. We’re also focused on workers and families. We’ve put together a fund with the Ford Foundation to advocate for continued government response to the pandemic and get people the direct support they need.

These initiatives are part of a broader solution and an attitude: Americans in all parts of our country have enormous untapped potential that we must support. If we can help them make their dreams a reality, we can inject life and growth into small communities and spark an economic revival that will provide an incredible lift for the entire country.