Gene Sperling’s Economic Dignity provides an important contribution to economic policy discussions. In his book, Sperling outlines how to elevate the economic prospects of low-income and middle-class households. Through a mix of advocacy, market-based innovations, and technology, Sperling calls for a “permanent American movement towards economic dignity.”
Sperling’s book supports a “Pay It Forward” system of national economic policy. This system helps young people and families accumulate financial capital, rather than accumulating debt. It involves policy solutions like an anti-poverty job guarantee, a living wage, and Free College/Tuition-Free college. Additionally, it also eliminates the “middle-man” of traditional financial instruments, like checking accounts and credit card offerings. The goal is to reduce costs and ease access to financial services.
Another key theme of the book is the need to increase the distribution of broad-based economic benefits. Sperling suggests a wide-ranging set of changes that would improve the economic prospects of those at the bottom of the economic ladder. These include: increasing earned-income tax credits, introducing a refundable “what you save” tax credit, expanding work-related tax benefits to increase purchasing power, raising the minimum wage, and increasing portable benefits like pensions and unemployment insurance.
Sperling also suggests ways to reduce economic inequality. He advocates for a “public debt drive” that eliminates the “privatization” of debt before it becomes a problem. He argues that the government should promote economic equality through the democratization of Finance, including policies such as break up and regulating of the banking cartel, curbing of the student loan industry, and increased capital accessibility for disadvantaged communities.
Sperling urges policy makers to make technology work for everyone by developing ways to increase financial literacy, prevent identity theft, and reduce the financial burden of health care. He also calls for a balancing of public and private investments to ensure that everyone is able to benefit from technological advances.
Finally, Sperling argues that economic dignity is a fundamental right of all Americans. He outlines the moral basis of economic rights, and the need for everyone to have control over their own wealth and destiny. To achieve true economic dignity, Sperling argues that we must focus on improving the distribution of income and reducing economic inequality.
In conclusion, Economic Dignity by Gene Sperling is an important contribution to the economic policy debate. It offers sensible solutions to combat economic inequality and improve economic prospects for low-income and middle-class households. The book’s focus on the need for economic dignity is especially important and timely given today’s economic situation. Economic Dignity puts forth an important call to action that policy makers should carefully consider. With thoughtful policy interventions, we can move towards a system where everyone has a chance to build and secure a better life for themselves.
