Many on the political left have long downplayed the importance of economic growth. Today, we are seeing some conservatives do the same. Two examples, from my latest Bloomberg column:

The latest argument for that position comes from Oren Cass, a conservative policy analyst at the Manhattan Institute. In his new book, “The Once and Future Worker,” Cass argues that the results from decades of policies designed to encourage GDP growth are “embarrassing” and have “steered the nation off course.” Michael Anton, a former Trump adviser and a senior fellow at the conservative Claremont Institute, offers a similar view, questioning the presumption that technological and economic progress is desirable and that innovation is “per se good.”

This “new thinking” from conservatives strikes me at least in part as an effort to conform the conservative policy agenda to what its advocates appear to believe are enduring features of Trumpian populism. I don’t agree with that approach, though I recognize aspects of its appeal.

But I am all for advancing policies designed to provide on-ramps to opportunity for low-income and working-class Americans. And some of these policies will reduce the rate of GDP growth due to their reliance on taxes and transfers. For the right policies, that’s an acceptable price.

But conservatives are dead wrong to downplay the importance of economic growth, even if they are willing to sacrifice some of it for other goals.

It’s particularly odd to do so today, when the fruits of the hot economy are so evident. We are seeing unemployment and earnings perform better for lower-income workers than for any other group. A strong economy is the best jobs program around.

From my Bloomberg column:

Growth doesn’t just help low-income and working-class households in the short term. Over longer periods, seemingly small changes in the growth rate have large consequences. In the past four decades, for example, real GDP per person has increased from about $28,000 to over $55,000, growing at about 1.7 percent per year. If growth instead had been 1 percent, average GDP per head would be about three-quarters what it is today.
Today’s critics of growth-focused public policy are correct that a rising tide does not lift all boats equally, and it doesn’t lift them instantaneously. But over time, all boats do rise considerably.

You’ll find more arguments against conservatives — or anyone — undervaluing the importance of growth in my column, which you can read in full here. As always, your comments are welcome.