On May 10, the Chicago Thinker hosted its inaugural American Identity Summit in Rubenstein Forum on the UChicago campus, where numerous speakers and moderators discussed critical questions facing the nation. The third panel focused on the concept of the American Dream, a promise of upward mobility through hard work and discipline, and discussed how that idea has become increasingly out of reach for many Americans today.
The panel was moderated by Andrea Fedrigo, a 2023 graduate of the University of Chicago’s Booth School of Business and the Director of Outreach at Napa Legal Institute. With Fedrigo’s guidance, the panel tackled economic mobility, innovation, and the role of monetary and fiscal policy in shared prosperity.
Jon C. Phillips, Chair of the Agribusiness and Food Industry Management/Agricultural Science Department and professor at California State Polytechnic University, Pomona, focused on the importance of exports in the agricultural economy and the value of comparative advantage. Additionally, Phillips discussed the cost of home ownership in 2025 and compared the average cost of a home in the United States to the average salary for recent college graduates.
Heidi Heitkamp, lawyer, former U.S. Senator from North Dakota (2013-2019), and director of the University of Chicago’s Institute of Politics, discussed the idea of “the American Experiment” and explained the importance of understanding what drove the development of opportunity in America. Heitkamp also focused on the importance of technology opportunities as “the great equalizer” and noted that technology could help bridge the gap in wages between people in urban communities and those in rural areas. Additionally, she argued that it is crucial to discuss the productivity of the American worker and “when our productivity is flat…you aren’t going to see economic growth.”
Alex J. Pollock, a Senior Fellow at the Mises Institute and author of books and Congressional testimony on financial policy, argued that the American Dream “makes itself affordable.” Pollock also explained that excessive money printing and government intervention, which aim to make housing more affordable, actually have the opposite effect.
Victor Gutwein, an alumnus of the University of Chicago, economist, and founder and managing partner of M25, a leading venture capital firm based in the Midwest, pointed to “the entrepreneurial spirit that defines the American Dream,” but also argued that challenges have increased with time. Gutwein noted that policies like tariffs and large government spending cuts harm small businesses, while corporations have been able to get around them. He also argued that these policies are making it harder for entrepreneurs and criticized strict immigration policies.
Despite differing perspectives, the panelists agreed that the American Dream must evolve in order to endure. Each speaker emphasized the importance of economic growth and equal opportunity for all.
Click here to watch the full panel.
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Author: Carolyn Russell
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