Pitchfork Economics with Nick Hanauer

How America Ceased to Be the Land of Opportunity (with Yoni Appelbaum)

Feb 4, 2025

Yoni Appelbaum, a deputy executive editor of The Atlantic and author of "Stuck," dives into America's evolving landscape of opportunity. He discusses how zoning laws and economic policies have locked many into communities, preventing upward mobility. The episode highlights the historical context behind rising housing costs and their impacts on family relocation. Appelbaum emphasizes the need for housing reforms to restore accessibility and argues that mobility is essential for fostering prosperity, especially for immigrant families.

44:05

Episode guests

Yoni Appelbaum

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Episode notes

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Quick takeaways

Decades of trickle-down economics have failed to generate widespread growth, necessitating a shift toward middle-out economics for sustainable prosperity.

The current housing crisis reflects a broader mobility issue, limiting individuals' ability to relocate for better economic opportunities.

Deep dives

The Failure of Trickle-Down Economics

Decades of trickle-down economics have not delivered the promised growth, leading to rising inequality and political instability. The central argument is that prioritizing the wealthy has failed to generate widespread economic prosperity. Instead, the focus should shift to middle-out economics, which posits that the middle class is essential for sustainable economic growth, serving as both a driving force and a structural support for the economy. The conversation highlights the need for a paradigm shift in economic thinking to foster a more equitable and stable society.

Intro

2min

The Mobility Crisis: Housing and Opportunities

6min

The Impact of Mobility on Opportunity

26min

A Personal Commitment to Economic Equality

2min

The Decline of American Mobility: A Personal Reflection

2min

Navigating the Tension Between Homeownership and Mobility

6min

This week, Nick and Goldy are joined by journalist and historian Yoni Appelbaum to discuss his forthcoming book, Stuck: How the Privileged and the Propertied Broke the Engine of American Opportunity. They explore how decades of failed economic policies and zoning regulations have restricted mobility, stifled economic growth, and worsened inequality—revealing the historical roots of our current housing and economic inequality crises. Appelbaum argues that the decline in housing affordability isn't just a housing problem but a mobility problem, as many Americans are increasingly unable to afford to move to areas of the country where they can pursue better opportunities for themselves or their children.

Yoni Appelbaum is a deputy executive editor of The Atlantic and a social and cultural historian of the United States. Before joining The Atlantic, he was a lecturer on history and literature at Harvard University.

Social Media:

Bluesky @yappelbaum.bsky.social

Twitter @YAppelbaum