The American dream needs an update

A rejuvenated version is necessary to rebuild the shattered political centre.

- Gillian Tett

In the coming months, an audacious initiative will emerge on the doorstep of the mighty US Treasury. A collection of (mostly) business donors are remodelling three historic buildings to create a museum that will champion the "American dream". To populate this, the Milken Institute is recording interviews with 10,000 people about their experiences of that dream. In the words of one key donor, it is intended to provide a "beacon of hope".

No doubt some Democrats will wince. The project is spearheaded by Mr Michael Milken, the financier turned philanthropist who infamously invented the junk bond market in the 1980s, before pleading guilty to securities violations. In 2020, he was pardoned by then President Donald Trump.

However, sneering would be the wrong reaction. For quite apart from the question of whether we should support redemption and reinvention, there is a vital question about the American dream itself. Thus what Mr Milken is launching in Washington highlights a bigger challenge and opportunity for politicians of all stripes.