Proponents of austerity are out of ideas. We have the alternative

Proponents of austerity are out of ideas. We have the alternative

Growing the economy from the middle out, rather than from the top down, is the only way to build broad, long-term prosperity

John Podesta and Neera Tanden     

theguardian.com, Thursday 24 October 2013 10.48 EDT        

http://www.theguardian.com/commentisfree/2013/oct/24/economy-center-for-american-progress

The needless shutdown of the US government this month – and the accompanying brinksmanship on the issue of raising the debt ceiling – were only the most recent in a string of crises that have characterized the political and economic climate in much of the industrialized world since the Great Recession officially ended in June 2009. With persistently high unemployment, plodding economic growth, and frequent political turmoil, it's little wonder public confidence in our institutions has eroded so dramatically in many developed nations.

It doesn't have to be this way. We can have strong economic growth without shredding the social safety net. We can find a path to shared, sustainable prosperity by investing in the true engine of economic growth: the middle class. These are the policies real people believe in, whether they live in Boston, Bonn, or Bologna. These are the solutions progressives around the world fight for every day, and they led to the founding of the Center for American Progress 10 years ago.

John Podesta

John D. Podesta is the chair & counselor for the Center for American Progress, and a columnist for this article.

Note: Neera Tanden is the president of the Center for American Progress, and a columnist for this article.

Open Society Foundations was a funder for the Center for American Progress.

George Soros is the founder & chairman for the Open Society Foundations, the chairman for the Foundation to Promote Open Society, and was a supporter for the Center for American Progress.

Foundation to Promote Open Society was a funder for the Center for American Progress.

Lawrence H. Summers is a distinguished fellow at the Center for American Progress, was the National Economic Council chairman for the Barack Obama administration, and a 2008 Bilderberg conference participant (think tank).

Melody C. Barnes was the EVP for the Center for American Progress, the domestic policy council, director for the Barack Obama administration, and is Barack Obama’s golf partner.