Video: Nikki Haley has tough competition in Trump and DeSantis

It is, by now, not an exaggeration to state that the traditional American Dream—work hard, buy a house, raise a family, and retire securely—is failing. It was built for a labor-based economy in which steadily rising wages allowed ordinary families to accumulate wealth. But America has become an asset-based economy, and ownership of those assets is extraordinarily concentrated.

Since the 1980s, the returns from capital have far outpaced the returns from labor. Inflation-adjusted wages for ordinary workers have risen only modestly, while the real value of equities has multiplied many times over. Housing, education, healthcare and childcare costs have soared, employment has become less secure, and defined-benefit pensions have largely disappeared. Even two-income households with respectable jobs often struggle to buy a home, build savings and accumulate enough for retirement.