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Jan 28, 2009 01:18PM
"There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy." — Barack Obama, January 9, 2009
With all due respect Mr. President, that is not true.
Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we the undersigned do not believe that more government spending is a way to improve economic performance. More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan’s “lost decade” in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policymakers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.
BURTON ABRAMS, Univ. of Delaware DOUGLAS ADIE, Ohio University RYAN AMACHER, Univ. of Texas at Arlington J.J.ARIAS, Georgia College & State University HOWARD BAETJER, JR., Towson University STACIE BECK, Univ. of Delaware DON BELLANTE, Univ. of South Florida JAMES BENNETT, George Mason University BRUCE BENSON, Florida State University SANJAI BHAGAT, Univ. of Colorado at Boulder MARK BILS, Univ. of Rochester ALBERTO BISIN, New York University WALTER BLOCK, Loyola University New Orleans CECIL BOHANON, Ball State University MICHELE BOLDRIN,Washington University in St. Louis DONALD BOOTH, Chapman University MICHAEL BORDO, Rutgers University SAMUEL BOSTAPH, Univ. of Dallas SCOTT BRADFORD, Brigham Young University GENEVIEVE BRIAND, Eastern Washington University GEORGE BROWER, Moravian College JAMES BUCHANAN, Nobel laureate RICHARD BURDEKIN, Claremont McKenna College HENRY BUTLER, Northwestern University WILLIAM BUTOS, Trinity College PETER CALCAGNO, College of Charleston BRYAN CAPLAN, George Mason University ART CARDEN, Rhodes College JAMES CARDON, Brigham Young University DUSTIN CHAMBERS, Salisbury University EMILY CHAMLEE-WRIGHT, Beloit College V.V. CHARI, Univ. of Minnesota BARRY CHISWICK, Univ. of Illinois at Chicago LAWRENCE CIMA, John Carroll University J.R. CLARK, Univ. of Tennessee at Chattanooga GIAN LUCA CLEMENTI, New York University R.MORRIS COATS, Nicholls State University JOHN COCHRAN, Metropolitan State College JOHN COCHRANE, Univ. of Chicago JOHN COGAN, Hoover Institution, Stanford University JOHN COLEMAN, Duke University BOYD COLLIER, Tarleton State University ROBERT COLLINGE, Univ. of Texas at San Antonio LEE COPPOCK, Univ. of Virginia MARIO CRUCINI, Vanderbilt University CHRISTOPHER CULP, Univ. of Chicago KIRBY CUNDIFF, Northeastern State University ANTONY DAVIES, Duquesne University JOHN DAWSON, Appalachian State University CLARENCE DEITSCH, Ball State University ARTHUR DIAMOND, JR., Univ. of Nebraska at Omaha JOHN DOBRA, Univ. of Nevada, Reno JAMES DORN, Towson University CHRISTOPHER DOUGLAS, Univ. of Michigan, Flint FLOYD DUNCAN, Virginia Military Institute FRANCIS EGAN, Trinity College JOHN EGGER, Towson University KENNETH ELZINGA, Univ. of Virginia PAUL EVANS, Ohio State University EUGENE FAMA, Univ. of Chicago W. KEN FARR, Georgia College & State University HARTMUT FISCHER, Univ. of San Francisco FRED FOLDVARY, Santa Clara University MURRAY FRANK, Univ. of Minnesota PETER FRANK,Wingate University TIMOTHY FUERST, Bowling Green State University B. DELWORTH GARDNER, Brigham Young University JOHN GAREN, Univ. of Kentucky RICK GEDDES, Cornell University AARON GELLMAN, Northwestern University WILLIAM GERDES, Clarke College MICHAEL GIBBS, Univ. of Chicago STEPHAN GOHMANN, Univ. of Louisville RODOLFO GONZALEZ, San Jose State University RICHARD GORDON, Penn State University PETER GORDON, Univ. of Southern California ERNIE GOSS, Creighton University PAUL GREGORY, Univ. of Houston EARL GRINOLS, Baylor University DANIEL GROPPER, Auburn University R.W. HAFER, Southern Illinois University, Edwardsville ARTHUR HALL, Univ. of Kansas STEVE HANKE, Johns Hopkins STEPHEN HAPPEL, Arizona State University FRANK HEFNER, College of Charleston RONALD HEINER, George Mason University DAVID HENDERSON, Hoover Institution, Stanford University ROBERT HERREN, North Dakota State University GAILEN HITE, Columbia University STEVEN HORWITZ, St. Lawrence University JOHN HOWE, Univ. of Missouri, Columbia JEFFREY HUMMEL, San Jose State University BRUCE HUTCHINSON, Univ. of Tennessee at Chattanooga BRIAN JACOBSEN,Wisconsin Lutheran College JASON JOHNSTON, Univ. of Pennsylvania BOYAN JOVANOVIC, New York University JONATHAN KARPOFF, Univ. of Washington BARRY KEATING, Univ. of Notre Dame NAVEEN KHANNA, Michigan State University NICHOLAS KIEFER, Cornell University DANIEL KLEIN, George Mason University PAUL KOCH, Univ. of Kansas NARAYANA KOCHERLAKOTA, Univ. of Minnesota MAREK KOLAR, Delta College ROGER KOPPL, Fairleigh Dickinson University KISHORE KULKARNI, Metropolitan State College of Denver DEEPAK LAL, UCLA GEORGE LANGELETT, South Dakota State University JAMES LARRIVIERE, Spring Hill College ROBERT LAWSON, Auburn University JOHN LEVENDIS, Loyola University New Orleans DAVID LEVINE,Washington University in St. Louis PETER LEWIN, Univ. of Texas at Dallas DEAN LILLARD, Cornell University ZHENG LIU, Emory University ALAN LOCKARD, Binghampton University EDWARD LOPEZ, San Jose State University JOHN LUNN, Hope College GLENN MACDONALD,Washington University in St. Louis MICHAEL MARLOW, California Polytechnic State University DERYL MARTIN, Tennessee Tech University DALE MATCHECK, Northwood University DEIRDRE MCCLOSKEY, Univ. of Illinois, Chicago JOHN MCDERMOTT, Univ. of South Carolina JOSEPH MCGARRITY, Univ. of Central Arkansas ROGER MEINERS, Univ. of Texas at Arlington ALLAN MELTZER, Carnegie Mellon University JOHN MERRIFIELD, Univ. of Texas at San Antonio JAMES MILLER III, George Mason University JEFFREY MIRON, Harvard University THOMAS MOELLER, Texas Christian University JOHN MOORHOUSE,Wake Forest University ANDREA MORO, Vanderbilt University ANDREW MORRISS, Univ. of Illinois at Urbana-Champaign MICHAEL MUNGER, Duke University KEVIN MURPHY, Univ. of Southern California RICHARD MUTH, Emory University CHARLES NELSON, Univ. of Washington SETH NORTON, Wheaton College LEE OHANIAN, Univ. of California, Los Angeles LYDIA ORTEGA, San Jose State University EVAN OSBORNE, Wright State University RANDALL PARKER, East Carolina University DONALD PARSONS, George Washington University SAM PELTZMAN, Univ. of Chicago MARK PERRY, Univ. of Michigan, Flint CHRISTOPHER PHELAN, Univ. of Minnesota GORDON PHILLIPS, Univ. of Maryland MICHAEL PIPPENGER, Univ. of Alaska, Fairbanks TOMASZ PISKORSKI, Columbia University BRENNAN PLATT, Brigham Young University JOSEPH POMYKALA, Towson University WILLIAM POOLE, Univ. of Delaware BARRY POULSON, Univ. of Colorado at Boulder BENJAMIN POWELL, Suffolk University EDWARD PRESCOTT, Nobel laureate GARY QUINLIVAN, Saint Vincent College REZA RAMAZANI, Saint Michael’s College ADRIANO RAMPINI, Duke University ERIC RASMUSEN, Indiana University MARIO RIZZO, New York University RICHARD ROLL, Univ. of California, Los Angeles ROBERT ROSSANA,Wayne State University JAMES ROUMASSET, Univ. of Hawaii at Manoa JOHN ROWE, Univ. of South Florida CHARLES ROWLEY, George Mason University JUAN RUBIO-RAMIREZ, Duke University ROY RUFFIN, Univ. of Houston KEVIN SALYER, Univ. of California, Davis PAVEL SAVOR, Univ. of Pennsylvania RONALD SCHMIDT, Univ. of Rochester CARLOS SEIGLIE, Rutgers University WILLIAM SHUGHART II, Univ. of Mississippi CHARLES SKIPTON, Univ. of Tampa JAMES SMITH,Western Carolina University VERNON SMITH, Nobel laureate LAWRENCE SOUTHWICK, JR., Univ. at Buffalo DEAN STANSEL, Florida Gulf Coast University HOUSTON STOKES, Univ. of Illinois at Chicago BRIAN STROW,Western Kentucky University SHIRLEY SVORNY, California State University, Northridge JOHN TATOM, Indiana State University WADE THOMAS, State University of New York at Oneonta HENRY THOMPSON, Auburn University ALEX TOKAREV, The King’s College EDWARD TOWER, Duke University LEO TROY, Rutgers University DAVID TUERCK, Suffolk University CHARLOTTE TWIGHT, Boise State University KAMAL UPADHYAYA, Univ. of New Haven CHARLES UPTON, Kent State University T. NORMAN VAN COTT, Ball State University RICHARD VEDDER, Ohio University RICHARD WAGNER, George Mason University DOUGLAS M.WALKER, College of Charleston DOUGLAS O.WALKER, Regent University CHRISTOPHER WESTLEY, Jacksonville State University LAWRENCE WHITE, Univ. of Missouri at St. Louis WALTER WILLIAMS, George Mason University DOUG WILLS, Univ. of Washington Tacoma DENNIS WILSON,Western Kentucky University GARY WOLFRAM, Hillsdale College HUIZHONG ZHOU,Western Michigan University