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Economic Dignity
From one of our wisest and most influential economic thinkers, the only person to serve as Director of the National Economic Council under two Presidents, a profound big-picture vision of why the promotion of dignity should be the singular end goal by which we chart America's economic future
When Gene Sperling was in charge of coordinating the shaping and execution of the US government's economic policy in the Obama White House, he found himself surprised and dismayed when serious people in Washington worried out loud to him that the Obama focus on health care was a distraction because it was "not focused on the economy." How, he asked, was millions of Americans' fear that they were a single pink slip or a loved one's serious illness away from financial ruin somehow not considered an economic issue? To him, it was just one more example of a more profound truth he witnessed in his many years in our national economic debate: that when it comes to America's economic policy, there is too little focus on what the end goal should be.
Too often, he found that our economic debate confused ends and means; that we measured economic success by metrics like GDP instead of whether the economy was succeeding in lifting up the sense of meaning, purpose, fulfillment, and security of people. Too often, he found debates framed by old divisions or pro-market ideology that increasingly failed to capture whether economic policy was fostering exploitation, economic insecurity, and disillusionment that were too often invisible within our current framework. Now more than ever, at a moment when the very capacity of modern capitalism to avoid accelerating inequality, a hollowed-out middle class, and structural poverty is being questioned, we need to step back and reflect on our ultimate goals.
Economic Dignity is Sperling's effort to do just that - to frame our thinking about the way forward in a time of wrenching economic change. His argument combines moral and intellectual seriousness with actual high-level policy experience. Economic dignity, Sperling maintains, can be seen as resting on three pillars. The first: the capacity to care for family without economic deprivation denying people the capacity to experience its greatest joys - the birth of one's children, the companionship of a loving partner, the love of family and friends, the fulfillment that comes from providing. The second: the right to the pursuit of potential and purpose, including the right to first and second chances - the right to a life of active striving. The third: economic participation with respect and without domination and humiliation. All three pillars are rooted in the highest and most noble values of the American project. But getting there is the rub, and in Economic Dignity, Sperling offers paths that policymakers and citizens can follow for years to come. As he puts it, if you live in times when major steps forward are needed, it is important to be clear on your destination - or at least to know the North Star that is guiding you. His answer, in two words, is economic dignity.
When Gene Sperling was in charge of coordinating the shaping and execution of the US government's economic policy in the Obama White House, he found himself surprised and dismayed when serious people in Washington worried out loud to him that the Obama focus on health care was a distraction because it was "not focused on the economy." How, he asked, was millions of Americans' fear that they were a single pink slip or a loved one's serious illness away from financial ruin somehow not considered an economic issue? To him, it was just one more example of a more profound truth he witnessed in his many years in our national economic debate: that when it comes to America's economic policy, there is too little focus on what the end goal should be.
Too often, he found that our economic debate confused ends and means; that we measured economic success by metrics like GDP instead of whether the economy was succeeding in lifting up the sense of meaning, purpose, fulfillment, and security of people. Too often, he found debates framed by old divisions or pro-market ideology that increasingly failed to capture whether economic policy was fostering exploitation, economic insecurity, and disillusionment that were too often invisible within our current framework. Now more than ever, at a moment when the very capacity of modern capitalism to avoid accelerating inequality, a hollowed-out middle class, and structural poverty is being questioned, we need to step back and reflect on our ultimate goals.
Economic Dignity is Sperling's effort to do just that - to frame our thinking about the way forward in a time of wrenching economic change. His argument combines moral and intellectual seriousness with actual high-level policy experience. Economic dignity, Sperling maintains, can be seen as resting on three pillars. The first: the capacity to care for family without economic deprivation denying people the capacity to experience its greatest joys - the birth of one's children, the companionship of a loving partner, the love of family and friends, the fulfillment that comes from providing. The second: the right to the pursuit of potential and purpose, including the right to first and second chances - the right to a life of active striving. The third: economic participation with respect and without domination and humiliation. All three pillars are rooted in the highest and most noble values of the American project. But getting there is the rub, and in Economic Dignity, Sperling offers paths that policymakers and citizens can follow for years to come. As he puts it, if you live in times when major steps forward are needed, it is important to be clear on your destination - or at least to know the North Star that is guiding you. His answer, in two words, is economic dignity.
224 pages, Hardcover
First published January 1, 2020
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Displaying 1 - 16 of 16 reviews
July 4, 2020
I was blown away by the elegance of Sperling’s thesis. Why does our country single-mindedly pursue metrics like GDP and the growth of the stock market when these measures don’t actually reflect the quality of life for the majority of Americans? If a guiding principle of economic dignity were applied, we would have a much more fulfilled society.
This book was a reminder of the many ways our country is messed up: no universal childcare, little unemployment insurance, healthcare tied to employment, the crushing cost of education, lack of elder care, no paid maternity/paternity leave, companies that pursue shareholder profit over the wellbeing of employees. It was embarrassing the number of times the phrase “the United States is the only country in the OECD to...” was used.
This book also offered a lot of good policy solutions. He made an interesting point that if AI and automation eliminate some jobs, there are many jobs that are currently underfunded that could be added such as career counseling and caretaking. Sadly most of his proposals will never be enacted so long as the Republican Party is focused on the ideological purity of lack of government involvement.
This book was a reminder of the many ways our country is messed up: no universal childcare, little unemployment insurance, healthcare tied to employment, the crushing cost of education, lack of elder care, no paid maternity/paternity leave, companies that pursue shareholder profit over the wellbeing of employees. It was embarrassing the number of times the phrase “the United States is the only country in the OECD to...” was used.
This book also offered a lot of good policy solutions. He made an interesting point that if AI and automation eliminate some jobs, there are many jobs that are currently underfunded that could be added such as career counseling and caretaking. Sadly most of his proposals will never be enacted so long as the Republican Party is focused on the ideological purity of lack of government involvement.
October 7, 2020
We need to ensure economic dignity for people who work hard full time. Jobs need to pay enough so that people do not need to worry about rent, sickness, unemployment, childcare and education costs. We need to ban economic slavery i.e. ‘involuntary servitude’.
How to do all these? The Federal government needs to act on many many things. In the bad old days working conditions were terrible and things improved only after legislations that protected workers were passed after those conditions were exposed.
1. Universal health care so that people would be properly taken care of. It would also free people who would be too scared to lose their current employer-based insurance.
2. A minimum wage that pays living wages.
3. Universal childcare and education.
4. Regulations that protect workers’ right to change employers (non-competing clause), unionise, safe environments and having enough law enforcers to make sure businesses comply.
5. Farm workers who are forced to pay rent and buy their daily necessities from their employer need a lot of protection.
6. Free guest workers from their employer-sponsored visas so that they can move around.
7. Ban practices in Amazon and chicken processing plants that limit the use of bathrooms for their workers.
8. Ban practices in many companies (especially tech ones) that treat some long term workers as ‘contractors’. He suggested that treating people who spend most of their time in a company to be treated as an employee regardless of their actual legally stated employer.
9. Help students from poor households by massively increasing one-on-one coaching, and increase the number of college advisors.
10. Tax the rich (a yearly wealth tax, higher marginal tax rates) to pay for these.
In other words, make America... Scandinavia...
Stirling used to work with Clinton and Obama in economics affairs, and surely knows how hard it is to push through any of these reforms. Nonetheless it is refreshing to hear about the importance of dignity for everyone!
How to do all these? The Federal government needs to act on many many things. In the bad old days working conditions were terrible and things improved only after legislations that protected workers were passed after those conditions were exposed.
1. Universal health care so that people would be properly taken care of. It would also free people who would be too scared to lose their current employer-based insurance.
2. A minimum wage that pays living wages.
3. Universal childcare and education.
4. Regulations that protect workers’ right to change employers (non-competing clause), unionise, safe environments and having enough law enforcers to make sure businesses comply.
5. Farm workers who are forced to pay rent and buy their daily necessities from their employer need a lot of protection.
6. Free guest workers from their employer-sponsored visas so that they can move around.
7. Ban practices in Amazon and chicken processing plants that limit the use of bathrooms for their workers.
8. Ban practices in many companies (especially tech ones) that treat some long term workers as ‘contractors’. He suggested that treating people who spend most of their time in a company to be treated as an employee regardless of their actual legally stated employer.
9. Help students from poor households by massively increasing one-on-one coaching, and increase the number of college advisors.
10. Tax the rich (a yearly wealth tax, higher marginal tax rates) to pay for these.
In other words, make America... Scandinavia...
Stirling used to work with Clinton and Obama in economics affairs, and surely knows how hard it is to push through any of these reforms. Nonetheless it is refreshing to hear about the importance of dignity for everyone!
June 11, 2022
I confirm that this book is about economic dignity. The underlying premise is powerful, and that’s that we are human beings first before workers. Economic policy should empower and support workers to contribute with dignity while allowing margin for the things that fill their life with meaning: creating, taking care of families, celebrating life’s joys. The US definitely stands out negatively among other advanced economies for its lack of social support to workers.
On another note, I cannot believe how long it took me to get through this book lol. Highly recommend taking this book piece by piece, and not attempting to power through it. Each chapter focuses on a different aspect of economic policy, and can feel a bit dense at times. But the ideas and content are rich, and definitely inspiring!
On another note, I cannot believe how long it took me to get through this book lol. Highly recommend taking this book piece by piece, and not attempting to power through it. Each chapter focuses on a different aspect of economic policy, and can feel a bit dense at times. But the ideas and content are rich, and definitely inspiring!
September 3, 2020
5/7. I liked this book a lot, although reading it immediately after reading Evil Geniuses kind of did it a disservice, as many of the same issues are discussed, and I liked the treatment better in Evil Geniuses. But the books are certainly not identical, and I enjoyed reading Sperling's thoughts about what he terms "economic dignity," which essentially says that people who work a full time job should have enough money to reasonably support their families, to enjoy those family events and milestones that are important to everyone, and not to be destroyed by huge expenses for things like healthcare bills. I didn't necessarily agree with all of Sperling's conclusions -- he's against Universal Basic Income, except in a modified form for certain people for limited periods of time, and some of his suggestions like solving the issues of employers mistreating workers by having some kind of mechanism where consumers could see how well companies treat their employees via some kind of certification, and thereby not patronize those companies seems a tad naive, and strikes me as ultimately unworkable. People know very well how badly amazon treats its 'pickers' yet they continue to buy from them. Although some people would be moved by some kind of 'good employer' certification (similar to Fair Trade certification), but I doubt this would be a sufficient number to actually cause change. Real change would have to come from the federal government, largely through things like tax policy and other legislation that would actually prohibit certain things and through a strengthening of unions and taking care of our lower wage workers by not making them so desperate that they have to accept a job where they are mistreated and disrespected.
All in all, a good addition to your library on contemporary social and economic policy and middle/lower class socioeconomics.
All in all, a good addition to your library on contemporary social and economic policy and middle/lower class socioeconomics.
October 1, 2020
Finished it! No fault of the author’s...if I need to read a book about economic policy this is the one. And I’m glad I persevered. Good explanations of proposals that would tweak capitalism and not force an either/or choice which conservatives often seem to think is needed between capitalism/socialism. “Rugged individualism” and “bootstraps” aren’t available to everyone equally. This book fits well into today’s climate as economic justice is a necessary step toward true social and racial justice. Economic dignity—making enough money to put food on the table and ALSO being able to be at the table with your family. Such a simple humane concept of basic life dignity.
September 27, 2020
There's a little dissonance in reading Gene Sperling's work on Economic Dignity as it does cover a lot of pertinent economic themes while at the same time knowing that he served in both the Clinton and Obama administration where little effort was made to ameliorate the conditions that Sperling describes. Perhaps it speaks to how little influence one member of an administration has (like Robert Reich as Clinton's Labor Secretary), or just the paucity of sway that the Executive branch has on Economic conditions.
December 16, 2020
It's a very long read and difficult one, but I like what the author tries to explain and include the fact that in policymaking, it is important to ensure that we respect dignity of individuals, which sadly, many don't. I especially like the concept of unemployment insurance, which perhaps our government may feel it's too socialist and leaning towards a welfare state, but this book talks about the challenges many long-term unemployed faced.. UBI may be too idealistic, but I like how economic dignity is not a final destination, but it ought to be something states need to look into..
December 14, 2020
A must read for any liberal thinker who feels that their social values might be coming at a cost to the economy (spoiler alert: they're not)
April 19, 2024
Fantastic book. Really interesting coming from such a prominent political figure, as he railed against pretty common ways that policy makers think about the economy. The main thesis was that jobs, metrics, government in general, should be aimed toward the goal of giving all in the economy "economic dignity".
He expanded this beyond the idea of making a living age and presented the outcomes of good quality employment and income/benefits to prove the necessity for this quality. For example, people should have paid time off, but this is not the goal per se, this is the means. The goal is that everyone should have the ability to be at the birth of a child. And this is the general theme of economic dignity- things like this.
He presents not only this argument, but then policy solutions to get us there, as well as analysis of past policies that worked and did not work toward this goal.
Only critique is that its pretty partisan, but even there, he tries to present this as an obvious solution that is not ideological even if it is party-affiliated because of current divisive poiltiics.
He expanded this beyond the idea of making a living age and presented the outcomes of good quality employment and income/benefits to prove the necessity for this quality. For example, people should have paid time off, but this is not the goal per se, this is the means. The goal is that everyone should have the ability to be at the birth of a child. And this is the general theme of economic dignity- things like this.
He presents not only this argument, but then policy solutions to get us there, as well as analysis of past policies that worked and did not work toward this goal.
Only critique is that its pretty partisan, but even there, he tries to present this as an obvious solution that is not ideological even if it is party-affiliated because of current divisive poiltiics.
November 10, 2023
3.5 stars
This is an interesting book and has shifted my paradigm on economic policy. Overall, though, I think it would have worked better as a long essay. It's written so a more mainstream audience could find it accessible (as opposed to only those who work in economic policy) and I think that audience could have grasped the key takeaways from a shorter piece, not to mention more people likely would have read it.
I also found the thesis a bit disappointing. Essentially, Sperling makes the argument that economic dignity is the barometer by which we should measure economic policies, as opposed to GDP or other metrics. While I don't disagree with this point, I think it creates an unnecessary dichotomy. I wanted Sperling to take it a step further and say how economic dignity promotes standard economic metrics. He touches on this concept, but does not make it a focal point. I believe doing so could have opened up the audience to a wider political spectrum of readers.
This is an interesting book and has shifted my paradigm on economic policy. Overall, though, I think it would have worked better as a long essay. It's written so a more mainstream audience could find it accessible (as opposed to only those who work in economic policy) and I think that audience could have grasped the key takeaways from a shorter piece, not to mention more people likely would have read it.
I also found the thesis a bit disappointing. Essentially, Sperling makes the argument that economic dignity is the barometer by which we should measure economic policies, as opposed to GDP or other metrics. While I don't disagree with this point, I think it creates an unnecessary dichotomy. I wanted Sperling to take it a step further and say how economic dignity promotes standard economic metrics. He touches on this concept, but does not make it a focal point. I believe doing so could have opened up the audience to a wider political spectrum of readers.
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October 28, 2021Publisher's Description: When Gene Sperling was in charge of coordinating the US government's economic policy in the Obama White House, he found himself surprised and dismayed when serious people worried out loud to him that Obama's focus on health care was a distraction because it was 'not focused on the economy.' Too often, he found economic debate confused ends and means; that economic success was measured by metrics like GDP instead of whether the economy was succeeding in lifting up the sense of meaning, purpose, fulfilment, and security of people. Now more than ever, the need to step back and reflect on ultimate goals is evident.
May 11, 2020
This book was Stevo's Business Book of the Week for the week of 5/10, as selected by Stevo's Book Reviews on the Internet and Stevo's Novel Ideas. A profound big-picture vision of why the promotion of dignity should be the singular end goal by which we chart America's economic future.
Find more Business Books of the week on my Goodreads Listopia page at https://www.goodreads.com/list/show/9..., and find many more recommended books on my Amazon Influencer page at https://www.amazon.com/shop/stevo4747 or by searching for me on Google.
Find more Business Books of the week on my Goodreads Listopia page at https://www.goodreads.com/list/show/9..., and find many more recommended books on my Amazon Influencer page at https://www.amazon.com/shop/stevo4747 or by searching for me on Google.
October 19, 2020
This book has supplemented what I knew about this type of social science, which I remember having all kinds of cruel nicknames like the "dismal science" but I'm sure that's only from people who weren't so good at math.
Economic science is a growing field of research that includes a lot of phone polling, as far as I can tell.
But as of THIS YEAR, I found that this book said that this is how economic dignity may be defined in my nation-state as of June 2020.
Also, I particularly liked the calm cover theme. Good job, Nicole Laroche!
Economic science is a growing field of research that includes a lot of phone polling, as far as I can tell.
But as of THIS YEAR, I found that this book said that this is how economic dignity may be defined in my nation-state as of June 2020.
Also, I particularly liked the calm cover theme. Good job, Nicole Laroche!
June 8, 2020
He talks in and around policy possibilities and ideologies, but never really goes into the weeds like you expect. He brought up some valid reasons for policy positions, but some arguments would’ve been better served by drawing additional parallels for some and fleshing out parallels for others.
May 17, 2021
Could be repetitive or feel like a stream of consciousness at times, but generally compelling policy suggestions and I enjoyed learning about the history of various labor movements
August 7, 2021
Incorporating economic dignity in various sectors will create huge change in furthering the cause of a productive society. Fascinating idea!
Displaying 1 - 16 of 16 reviews