More than 500 economists, 5 Nobel laureates back Romney’s economic strategy
More than 500 economists — including five Nobel laureates — have
endorsed Republican presidential candidate Mitt Romney’s economic plan
as the right choice for jobs creation and economic growth.
“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,” Economists for Romney’s statement of
support reads, proclaiming Romney’s plan as based on “proven
principles” to restrain the federal government and expand opportunities
in the private sector.
The 526 economists — including Nobel laureates Gary Becker, Robert
Lucas, Robert Mundell, Edward Prescott, and Myron Scholes — point to
six facets of Romney’s economic approach that they see as beneficial to
future economic success.
- 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.
Seven of the signatories are from Harvard University and five from Columbia
University — two of President Barack Obama’s alma maters.
The economists’ statement of support pillories Obama’s economic record,
claiming that his expansion of the federal government has resulted in “anemic
economic recovery and high unemployment,” which will continue if his future
plans are implemented.
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