368 Leading Economists Can't Be Wrong
I bet the Kerryians were thrilled to see this come out the day of Debate III:
To: Interested Parties
From: Bush-Cheney '04 Communications
Date: 10/13/04
Re: Letter Criticizing John Kerry's Economic Plans Signed By 368 Of The Nation's Leading Economists
Bush-Cheney '04 today announced 368 of the nation's leading economists from 44 states have signed an economic statement denouncing John Kerry's economic proposals. The group boasts six Nobel laureates, including recent winner and Professor of Economics at Arizona State University Edward C. Prescott, as well as six former chairs of the President's Council of Economic Advisers. America 's economists recognize that President Bush's pro-growth policies and across-the-board tax relief are the right policies for sustained growth – and they are urging voters not to turn back with John Kerry's tax and spend agenda.
Glenn Hubbard, Dean of the Columbia University Business School and former Chairman of the President's Council of Economic Advisers, said: "Ideas and response to events are the tests of economic leadership. President Bush's focus on raising long-term growth using well-timed tax cuts, opening markets, and seeking to limit regulatory and litigation costs has furthered the global economic expansion. The administration's leadership in the War on Terror, the management of terrorism risk, and restoring investor confidence also limited potentially damaging downturns of confidence. Senator Kerry's recipe of limiting job creation by raising tax rates on entrepreneurs and our most successful global companies, while radically expanding the size and scope of government will limit future economic growth and lead to increasingly grim fiscal choices."
Economists' Statement On John Kerry's Economic Agenda
To whom it may concern:
We, the undersigned, strongly oppose key aspects of the economic agenda that John Kerry has offered in his bid for the U.S. presidency.
John Kerry says he "is committed to balancing the budget," but he has proposed additional spending that some analysts have estimated could cost as much as $226.1 billion annually ($2.261 trillion over ten years). He promises to "end corporate welfare as we know it" by implementing the "McCain-Kerry commission on corporate welfare," but he also proposes to provide additional "tax credits and subsidies to manufacturers" that meet his criteria.
Entitlement reform is the most important fiscal challenge facing the country, yet Kerry's approach has been to deny that any fix is needed. Indeed, Kerry criticized the recent Medicare expansion for not being large enough.
John Kerry has proposed tax increases that threaten to sap the economy's vitality and reduce long-term growth. Specifically, Kerry proposes to "restore the top two [income] tax rates to their levels under President Clinton." He would also, among other things, "restore the capital gains and dividend rates for families making over $200,000 on income earned above $200,000 to their levels under President Clinton." Kerry's stated desire to balance the budget and to boost federal spending substantially would almost certainly require far higher and broader tax increases than he has proposed.
John Kerry boasts that his economic policies will lead to the creation of 10 million jobs in his first term as president. As Martin Sullivan wrote last April in the strictly non-partisan Tax Notes, no one "has presented any analysis to relate the Kerry plan to the creation of 1 million jobs, much less 10 million jobs." In fact, we believe Kerry's proposals would, over time, inhibit capital formation, depress productivity growth, and make the United States less competitive internationally. The end result would be lower U.S. employment and real wage growth.
John Kerry has expressed a general reluctance to reduce trade barriers. He has promised, if elected, to "review existing trade agreements." He vows not to "sign any new trade agreements until the review is complete and its recommendations [are] put in place." That's a prescription for political gridlock. Given the widespread benefits of unfettered trade, Kerry's trade policies would harm U.S. producers and consumers alike.
All in all, John Kerry favors economic policies that, if implemented, would lead to bigger and more intrusive government and a lower standard of living for the American people.
Not much I can add to that....
To: Interested Parties
From: Bush-Cheney '04 Communications
Date: 10/13/04
Re: Letter Criticizing John Kerry's Economic Plans Signed By 368 Of The Nation's Leading Economists
Bush-Cheney '04 today announced 368 of the nation's leading economists from 44 states have signed an economic statement denouncing John Kerry's economic proposals. The group boasts six Nobel laureates, including recent winner and Professor of Economics at Arizona State University Edward C. Prescott, as well as six former chairs of the President's Council of Economic Advisers. America 's economists recognize that President Bush's pro-growth policies and across-the-board tax relief are the right policies for sustained growth – and they are urging voters not to turn back with John Kerry's tax and spend agenda.
Glenn Hubbard, Dean of the Columbia University Business School and former Chairman of the President's Council of Economic Advisers, said: "Ideas and response to events are the tests of economic leadership. President Bush's focus on raising long-term growth using well-timed tax cuts, opening markets, and seeking to limit regulatory and litigation costs has furthered the global economic expansion. The administration's leadership in the War on Terror, the management of terrorism risk, and restoring investor confidence also limited potentially damaging downturns of confidence. Senator Kerry's recipe of limiting job creation by raising tax rates on entrepreneurs and our most successful global companies, while radically expanding the size and scope of government will limit future economic growth and lead to increasingly grim fiscal choices."
Economists' Statement On John Kerry's Economic Agenda
To whom it may concern:
We, the undersigned, strongly oppose key aspects of the economic agenda that John Kerry has offered in his bid for the U.S. presidency.
John Kerry says he "is committed to balancing the budget," but he has proposed additional spending that some analysts have estimated could cost as much as $226.1 billion annually ($2.261 trillion over ten years). He promises to "end corporate welfare as we know it" by implementing the "McCain-Kerry commission on corporate welfare," but he also proposes to provide additional "tax credits and subsidies to manufacturers" that meet his criteria.
Entitlement reform is the most important fiscal challenge facing the country, yet Kerry's approach has been to deny that any fix is needed. Indeed, Kerry criticized the recent Medicare expansion for not being large enough.
John Kerry has proposed tax increases that threaten to sap the economy's vitality and reduce long-term growth. Specifically, Kerry proposes to "restore the top two [income] tax rates to their levels under President Clinton." He would also, among other things, "restore the capital gains and dividend rates for families making over $200,000 on income earned above $200,000 to their levels under President Clinton." Kerry's stated desire to balance the budget and to boost federal spending substantially would almost certainly require far higher and broader tax increases than he has proposed.
John Kerry boasts that his economic policies will lead to the creation of 10 million jobs in his first term as president. As Martin Sullivan wrote last April in the strictly non-partisan Tax Notes, no one "has presented any analysis to relate the Kerry plan to the creation of 1 million jobs, much less 10 million jobs." In fact, we believe Kerry's proposals would, over time, inhibit capital formation, depress productivity growth, and make the United States less competitive internationally. The end result would be lower U.S. employment and real wage growth.
John Kerry has expressed a general reluctance to reduce trade barriers. He has promised, if elected, to "review existing trade agreements." He vows not to "sign any new trade agreements until the review is complete and its recommendations [are] put in place." That's a prescription for political gridlock. Given the widespread benefits of unfettered trade, Kerry's trade policies would harm U.S. producers and consumers alike.
All in all, John Kerry favors economic policies that, if implemented, would lead to bigger and more intrusive government and a lower standard of living for the American people.
Not much I can add to that....
posted by JASmius at 8:24 PM
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