American Elephants

400 Prominent Economists Endorse the Romney Plan for Economic Growth. by The Elephant's Child

The Romney & Ryan ticket got another endorsement today when around 400 prominent economists from industry and academia endorsed their jobs and economic growth plan. Economist Stephen Moore said the statement reads “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…” The Obama campaign’s claims that Mr. Romney’s math doesn’t add up, are probably not the most effective charge.

The statement is signed by at least four Nobel prize winners, including Gary Becker, Robert Lucas, Robert Mundell and Edward Prescott.  Others on the list include the highly respected economists Martin Feldstein, Arthur Laffer and Phil Gramm. The scholars say they agree with the Romney plan’s intention to reduce marginal tax rates on business and wage incomes and broaden the tax base to increase investment, jobs and living standards.” Mr. Obama doesn’t want any tax cuts and insists that the Romney plan is a giveaway to the rich— a charge that history refutes.

The Obama campaign will shortly round up liberal economists to endorse his program, if he can find any besides Paul Krugman. This is part of every campaign. There will be dueling economists. The trouble is that most of the liberals helped to devise the Obama stimulus and supported his measures to combat the recession and drive unemployment down, and it hasn’t worked. Obama is reduced to claiming made-up numbers.

2 Comments so far
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The problem with the Laffer curve is there are no real numbers applied to it. If taxes are reduced to 25% and we have another recession, which we will, do we then reduce taxes one more time. At what point do tax reduction not generate enough revenues to be revenue neutral?

The problem with capitalism is not capitalism but people trying to gain an unfair advantage. Are Republicans to pass laws that prevent ‘rent seeking’ as Wall Street has done for years.

Liberals can see the ‘rent seeking’ that is going on but conservative cannot because like liberals they are to beholden to their sacred objects. and blinded by their ego.

If conservatives truly believe in capitalism then step up and defend it. Conservatives continue to let people hijack capitalism for their own unfair advantage distorting the free markets just as much as liberal policy.

What will Romney do to prevent Wall Street from committing fraud on capitalism? Letting these large banks fail is not a solution because it burns everyone else’s house down.

Would you let a home builder build a house three feet from your house and not follow any building codes?


Comment by Mark Baird

Straw man arguments. Everybody seeks their own personal advantage, that’s human nature. Mostly evens out. You need to read up a little on the causes of the recession. The problem with Liberalism is that it simply does not work because it does not recognize human nature. They always think that the next law, or the next regulation will fix all those annoying things, and of course, only makes it worse.


Comment by The Elephant's Child

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