Clintonomics: How Bill Clinton Reengineered the Reagan Revolution

Withapresidencymarkedbyrancorous,sometimescripplingbipartisanshipthattwicebroughtCongresstoastandstill,BillClintonelicitedstrongfeelingsinfriendsandfoesalike.ButoftenoverlookedamidtheheightenedemotionswasthefactthatClinton’sideasandpoliciesuniquelybridgedthechasmbetweenleftandrighttoformanewworldviewsupportingfiscalresponsibility,globalconnectivity,andethnicdiversity.Clintonomicsisthefirstbooktogobeyondthecolorfulbiographicaldetailstothoughtfullyandmeticulouslyanalyzethepowerfulblendofliberal/conservativethinkingthatdefinedClinton’spresidency—andpreservehislegacy.Bymergingthebestideasfromboththeleftandtheright,ClintonwasabletoaccomplishwhathisRepublicanpredecessorshadnot:balancingthebudget,reducingfederalbureaucracy,reformingtheeconomy,andpositioningthecountrytocompeteinaglobaleconomy,whileavoidingthecynical“governmentistheproblem”attitudeoftheconservativemovement.HeevenachievedpetGOPgoals,suchasreformingwelfareandreducinggovernmentregulation,whilestillactivelyensuringalevelplayingfieldandempoweringallcitizenstofulfilltheirpotential.Packedwithoriginalresearchandsteepedinarichhistoricalperspective,thisinsightfulbookexploreshowClinton’spresidencymarkedthereturnoffiscaldisciplineandtheendofbiggovernment,andthusservedasalogicalcorollarytotheReaganRevolution.IttracestheevolutionofClinton’spoliticalthinkingandgoverningphilosophyfromhisyearsasgovernorofArkansastohiseight-yeartenureasU.S.President,includingchaptersthat:?Setthestagebyoutliningtheideasofthemajorpoliticaleconomistsofthepastcenturies,fromAdamSmith’s“invisiblehand”toFriedrichHayek’sideasonlimitedgovernmenttoJohnKennethGalbraith’swritingsonthesocialbalance.?ReviewthelegacyoftheReaganyears,withitsemphasisonlowertaxes,reducedspend-ingforsocialservices,minimalgovernmentregulationoftheeconomy,andmajorincreasesinmilitaryspending—allofwhichbuiltafalseprosperityonamountainofdebt.?ExamineClinton’s“Third-Way”principles,includingpro-growtheconomicpolicythatfostersclosetiestotheprivatesector;abalancedbudgetwithasmaller,lessbureaucraticfederalgovernment;andreductionofeconomicinequalitythroughinvestmentsineducationandtechnology.?LookatspecificwaysthatClintonsetouttosolveloomingchallenges,includinghealthcare,immigration,welfare,trade,andeducation—challengesthatcontinuetodemandourattentionandnationalwilltoresolve.Clintontranscendedthesimplisticideathatliberalswanttoexpandgovernmentandconservativeswanttostarveittodeath.His“ThirdWay”isapoliticalhybridofright/leftthinkingthatembracedthecomplexitiesandopportunitiesofaglobalized,interlockedworld.Clintonomicsservesasablueprintofpotentiallysuccess-fulstrategiesforthetwenty-firstcentury,andamodelforfutureadministrationstostudyandemulate.