400 Economists, including 5 Nobel Laureates, enthusiastically support the Romney economic plan. Read their official statement and their credentials below.
(Note: This post was referred to us courtesy of Milt Recht’s “Misunderstood Finance” blog at misunderstoodfinance.blogspot.com)
We enthusiastically endorse Governor Mitt Romney’s economic plan to create jobs and restore economic growth while returning America to its tradition of economic freedom. The plan is based on proven principles: a more contained and less intrusive federal government, a greater reliance on the private sector, a broad expansion of opportunity without government favors for special interests, and respect for the rule of law including the decision-making authority of states and localities.
Applying these principles, Governor Romney would:
- Reduce marginal tax rates on business and wage incomes and broaden the tax base to increase investment, jobs, and living standards.
- End the exploding federal debt by controlling the growth of spending so federal spending does not exceed 20 percent of the economy.
- Restructure regulation to end “too big to fail,” improve credit availability to entrepreneurs and small businesses, and increase regulatory accountability, and ensure that all regulations pass rigorous benefit-cost tests.
- Improve our Social Security and Medicare programs by reducing their growth to sustainable levels, ensuring their viability over the long term, and protecting those in or near retirement.
- Reform our healthcare system to harness market forces and thereby reduce costs and increase quality, empowering patients and doctors, rather than the federal bureaucracy.
- Promote energy policies that increase domestic production, enlarge the use of all western hemisphere resources, encourage the use of new technologies, end wasteful subsidies, and rely more on market forces and less on government planners.
In stark contrast, President Obama has failed to advance policies that promote economic and job growth, focusing instead on increasing the size and scope of the federal government, which increases the debt, requires large tax increases, and burdens business with many new financial and health care regulations. The result is an anemic economic recovery and high unemployment. His future plans are to double down on the failed policies, which will only prolong slow growth and high unemployment.
President Obama has:
- Relied on short-term “stimulus” programs, which provided little sustainable lift to the economy, and enacted and proposed significant tax increases for all Americans.
- Offered no plan to reduce federal spending and stop the growth of the debt-to-GDP ratio.
- Failed to propose Social Security reform and offered a Medicare proposal that relies on a panel of bureaucrats to set prices, quantities, and qualities of healthcare services.
- Favored a large expansion of economic regulation across many sectors, with little regard for proper cost-benefit analysis and with a disturbing degree of favoritism toward special interests.
- Enacted health care legislation that centralizes health care decisions and increases the power of the federal bureaucracy to impose one-size-fits-all solutions on patients and doctors, and creates greater incentives for waste.
- Favored expansion of one-size-fits-all federal rulemaking, with an erosion of the ability of state and local governments to make decisions appropriate for their particular circumstances.
In sum, Governor Romney’s economic plan is far superior for creating economic growth and jobs than the actions and interventions President Obama has taken or plans to take in the future. This November, voters will make a fundamental choice between differing visions of America’s economic future.
Signed (affiliations listed for identification purposes only),
Gary Becker, Nobel laureate
Robert Lucas, Nobel laureate
Robert Mundell, Nobel laureate
Edward Prescott, Nobel laureate
Myron Scholes, Nobel laureate
Burton Abrams, University of Delaware
James D. Adams, Rensselaer Polytechnic Institute
Douglas Adie, Ohio University
Lee C. Adkins, Oklahoma State University
James Ahiakpor, California State University, East Bay
William Albrecht, University of Iowa
Michael J. Alderson, Saint Louis University
John W. Allen, Texas A&M University
William Allen, University of California, Los Angeles
Fernando Alvarez, University of Chicago
Joe Antos, American Enterprise Institute
J. J. Arias, Georgia College
Charles Baird, California State University, East Bay
Eric Baklanoff, The University of Alabama
Robert J. Barro, Harvard University
William Beach, Alexandria, VA
Howard Beales, George Washington University
Stacie Beck, University of Delaware
Larry Belcher, Taylor University
Don Bellante, University of South Florida
Bill Beranek, University of Georgia
Richard Bernstein, Temple University
Sanjai Bhagat, University of Colorado
Andrew Biggs, American Enterprise Institute
Robert Bise, Orange Coast College
Michael Block, University of Arizona
Cecil Bohanon, Ball State University
Carlos Bonilla, Airline Forecasts
G. Geoffrey Booth, Michigan State University
Donald Booth, Chapman University
Karl Borden, University of Nebraska
George Borts, Brown Universiy
Michael Boskin, Stanford University
Edward H. Boss, Commission on Government Forecasting and Accountability Illinois State Legislature
Edward Boyer, Temple University
Gordon Brady, glbradygroup.com
Daniel Brandt, Chevy Chase, MD
Ike Brannon, American Action Forum
David Brat, Randolph-Macon College
Ivan Brick, Rutgers University
Roger Brinner, The Parthenon Group
James N. Brown, Rice University
Jeffrey Brown, University of Illinois, Urbana-Champaign
David P. Brown, University of Wisconsin, Madison
Edgar Browning, Texas A&M University
Phillip Bryson, Brigham Young University
William K. Buchanan, Valdosta State University
Todd Buchholz, Sproglit, LLC
M. Northrup Buechner, St. John’s University
Van Bullock, New Mexico State University