New Book: Beyond Exploding Inequality, Social Mobility Drastically Down and Deceptive Indicators Mask Hidden Reality for Low- and Middle-Income Families

WASHINGTON, Aug. 25, 2020 /PRNewswire/ -- In a book almost prophetic in its analysis of income inequality and racial divides, former U.S. Comptroller of the Currency Gene Ludwig brings together some of the nation's top economic minds to discuss how the wealth gap has become a wealth chasm in the upcoming release The Vanishing American Dream.

"The same failure to address the plight of low- and middle-income Americans that preceded this global pandemic now threatens to derail our recovery," said Ludwig. "Even before the pandemic, growing inequality, diminishing economic mobility, and a lack of opportunity were already pushing the American Dream out of reach for millions of Americans. 

"Now, as we look to rebuild and recover from the worst economic crisis since the Great Depression, this book provides a window into the fundamental weaknesses of the American economy and offers a multitude of ideas for addressing them."

To be released Sept. 22 by major booksellers, The Vanishing American Dream takes the reader into an electrifying conference bringing together experts from left, right, and center at Yale Law School, with luminaries that include Robert Shiller, Oren Cass, Larry Summers, Deval Patrick and Glenn Hubbard, among others. They offer their views and insight on two fundamental questions: Why are so many low- and middle-income (LMI) families worse off than they were a generation earlier, and what can be done to set things straight?

A starting point, said Ludwig, includes adjusting current economic indicators to better measure challenges faced by LMI families. Popular statistical measures, such as the unemployment rate and gross domestic product (GDP), are not giving an accurate picture of America.

"The data we are using to understand the economy simply isn't up to snuff," Ludwig said. "Just as you need an accurate census to properly fund communities, you need relevant economic indicators to tell the true story of Americans' well-being. Otherwise, how can policymakers know where to focus?"

Ludwig rose to become comptroller of the currency from a humble childhood in the once-thriving industrial city of York, Pa., which is just one of many similar cities across the nation that were struggling even before the coronavirus pandemic. During the good times, positive economic indicators shrouded the reality that for much of the population, the American Dream has fallen farther out of reach. 

This inspired Ludwig to convene a conference in the spring of 2019 that included a former governor, a former Treasury secretary from a Democratic administration, a former chair of the Council of Economic Advisers in a Republican administration, a former deputy Treasury secretary and Federal Reserve governor, a former president of the Chicago Fed, a mayor, a Nobel Prize-winning economist, two CEOs, a business and economics columnist, a former Governor and a range of academics. Across the board the participants agreed the American Dream has become an elusive myth, with the substance of that conversation even more resonant in the face of COVID-19. 

According to Kirkus Reviews, the book is: "An exhilarating record of intellectual engagement." Read the full review here.

Senator Mark R. Warner (D-Va.) said, "Gene Ludwig's thoughtfully edited volume takes us closer to bipartisan consensus and solutions. With contributions from conservative thought leaders, academics, journalists, former Democratic governors, and others, The Vanishing American Dream outlines the problem and reaches consensus across ideological disagreements: Our economy is not working for a vast portion of the population."

Mary Schapiro, former chair of the Securities and Exchange Commission, said, "In tracing the economic decline of vibrant industrial towns, Ludwig asks the hard questions about technology, globalization, the role of government, trade, our educational system, and corporations. He and the extraordinary group of assembled experts force us, with data and insightful analysis, to confront the inequality of our system."

For more information or to pre-order, visit gene-ludwig.com. 

About the Author

With over 40 years of financial services experience, Eugene "Gene" A. Ludwig is an expert on the financial system and regulation, risk management, business operations and fiscal policy. He is the founder of the Promontory family of companies and Canapi Ventures, the largest financial technology venture fund in the United States. Ludwig currently serves as chief executive officer of Promontory Financial Group and chairman of Promontory MortgagePath, a technology-based, mortgage fulfillment and solutions company. He is the former founder, CEO and chairman of Promontory InterFinancial Network and former vice chairman and senior control officer of Bankers Trust New York Corp. Ludwig served as U.S. Comptroller of the Currency from 1993 to 1998, where he led a multi-agency effort to overhaul the Community Reinvestment Act. Under his tenure, lending to low- and moderate-income Americans increased more than tenfold on a sustainable basis, as did national bank investments in community development corporations. The fair lending cases brought during his tenure resulted in tens of millions of dollars in fines against violators. He also pulled the banking industry back from a historic lending crunch, overhauling and modernizing the bank regulatory framework. Not a single national bank failed in his final years in office. Before he was comptroller, Gene was a partner at Covington & Burling from 1981 to 1992.

In 2019, The Ludwig Family Foundation, a 501(c)(3) organization founded by Ludwig and his wife Dr. Carol Ludwig, created a new program, The Ludwig Institute for Shared Economic Prosperity (LISEP), dedicated to improving the economic well-being of lower-income Americans through research and education. The LISEP program is focused on better understanding and disseminating relevant data and policy recommendations intended to expand meaningful, high-wage opportunities for such individuals.

Ludwig holds a master's degree from Oxford University and is a fellow of New College Oxford. He has a J.D. from Yale University, where he was editor of the Yale Law Journal and chairman of Yale Legislative Services.

About the Book

Tile: The Vanishing American Dream

Publisher: Disruption Books

Publication Date: September 22, 2020

Price: $28

ISBN: 978-1-63331-044-5

Page Count: 205

For additional information, please visit www.gene-ludwig.com.

SOURCE Gene Ludwig

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