The Pro-Growth Progressive

Gene Sperling, author of The Pro-Growth Progressive, was one of Bill Clinton’s top economic advisors. He advocates policies that he believes will increase the size of the economy (pro-growth) and will assist working and middle-class Americans (progressive). Naturally enough, these are the centrist economic policies pursued by the Clinton administration.

He convincingly argues that policies benefiting average Americans - progressive taxation, the EITC, family leave laws, increased education spending, etc. – also stengthen the economy. While I’ve long believed that social programs, by investing the nation’s human capital, leads to economic gains, it’s reassuring to hear an economist agree with those views. Sperling also slams Bush’s right-wing policies, in areas such as tax cuts and Social Security changes, as having a negative economic impact at enormous cost.

Sperling’s support of free-trade agreements and balanced budgets was less persuasive. While his claims have some merit, I’m not sure about the overall effect of trade agreements or whether reducing the deficit outweighs the moral benefits of increased social spending. As Clinton did in his autobiography, Sperling highlights second-tier economic programs that most people haven’t heard of, but which are the kind of thing you want White House staffers to spend time on (and are another reason to elect Democrats to public office).

Economic books are generally kind of dry, but this book is better than most. At least Sperling avoids abstractions and focuses on real-world issues that people face and the policies to address them. It’s a decent read for policy wonks, though of course Sperling tries to play up the economic accomplishments of the Clinton years and positions himself for a role in a future Democratic administration.