August 14, 2012 by econsforromney
The Romney-Ryan ticket gets another boost today when about 400 prominent economists from industry and academia endorsed his economic revival and jobs plan. We came across an advance copy of the statement which 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 statement refutes many of the Obama campaign’s loud claims that Mr. Romney’s math doesn’t add up.
At least four of the signatories are Nobel prize winners, including Gary Becker, Robert Lucas, Robert Mundell and Edward Prescott. Other highly respected economic thinkers on the list include Phil Gramm, Martin Feldstein, and noted supply-side guru Arthur Laffer. 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 has lambasted the Romney tax cuts as a giveaway to the rich that will end up leaving the middle class carrying the bag.
Economists Jim Carter and Glenn Hubbard, both of whom worked in the Bush White House, say they “are constantly adding more names.” The purpose of the letter is to add scholarly gravitas to the Romney plan for rebuilding the economy.
The economists’ letter also takes a shot at Mr. Obama’s economic strategies which they believe “only prolong slow growth and high unemployment.” They specifically criticize the “stimulus programs,” ObamaCare, the rise in the debt burden and the regulatory explosion imposed on small businesses. They warn that in a second term Mr. Obama is likely to “double down on the failed policies.”
No doubt there will be dueling letters as Mr. Obama rallies liberal economists to endorse his program. The difference is that most of those economists supported and even helped devise the Obama stimulus and other measures to combat the recession and drive down unemployment. Given the slow growth economy now, those economists may have lost a good deal of credibility. This letter helps Mr. Romney deflect the attacks that his plan is more of the failed policies of the past. Nothing has failed quite like Obamanomics.
This originally appeared on the Wall Street Journal.