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Former Clinton Advisor Points to Startups

Mark Marich

In the June issue of Newsweek, former US President Bill Clinton put forward a dozen or so ideas on how to attack the jobs crisis (cleverly titled, of course, 'It's Still the Economy Stupid'). One of those ideas was ‘More Cash for Startups’ where he talked about a plan by the Obama Administration to allow converting tax credits to cash equivalents tied to the number of employees hired for green jobs and startups.

Within the last several weeks, one of the 42nd president’s former policy advisors, William Galston, also came out touting startups as a key to job growth. First, he contributed an essay to Democracy: A Journal of Ideas. Last week, Galston echoed those comments as a featured panelist at an event at the National Press Club--A Progressive Agenda for Fostering Entrepreneurship. And just this past weekend, NPR aired an interview with Galston where it said he was “urging the Obama administration and others on the left to ‘reject an FDR style approach to job creation and start over, aiming to help new firms grow and succeed.’”

Galston, who currently is a senior fellow at the Brookings Institution and a professor at the University of Maryland, summed up his argument in the interview, saying:

“…In the current era of globalization, rapid technological change where everything we do is subject to the inexorable logic of productivity and international competition, if we don't have a much more robust stream of innovation and of business startups based on that innovation, we're going to be stuck in below average growth, below average job generation and diminished prospects for the next generation of Americans.”

The audio archive and transcript of the interview is available on the NPR website.

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