Wednesday, October 13, 2004

368 Economists Agree: Kerrynomics Won't Work

national review has published a statement, signed by 368 economists, which states:

“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.”

Six of the 368 are nobel laureates, Gary Becker, James Buchanan, Milton Friedman, Robert Lucas, Robert Mundell, and — the winner of this year’s Nobel Prize in Economics — Edward C. Prescott.

The article goes on to say:

It is no secret that John Kerry wants America’s foreign policy to be more like that of Germany and France. But perhaps even more disturbing, he has demonstrated that he wants to emulate their failed tax-and-spend economic policies, too. Over time, the consequences could be devastating. Consider the impact those policies have had on Europe. Germany and France once enjoyed standards of living comparable to those of the United States. Today, U.S. per capita GDP is 38 percent higher than that of Germany and 43 percent higher than that of France. Indeed, as economist Bruce Bartlett recently pointed out, “On average, Europeans only live about as well as those in the poorest American state, Mississippi.”


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