|Economists Supporting Mitt Romney for President
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, a broad expansion of opportunity
without government favors for special interests, and respect for the
rule of law including the decision-making authority of states and
Applying these principles, Governor Romney would:
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
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.
In stark contrast, President Obama has failed to advance policies that
promote economic and job growth, focusing instead on increasing the
size and scope of the federal government, which increases the debt,
requires large tax increases, and burdens business with many new
financial and health care regulations. The result is an anemic
economic recovery and high unemployment. His future plans are to
double down on the failed policies, which will only prolong slow
growth and high unemployment.
President Obama has:
Relied on short-term “stimulus” programs, which provided little
sustainable lift to the economy, and enacted and proposed significant
tax increases for all Americans.
Offered no plan to reduce federal spending and stop the growth of
the debt-to-GDP ratio.
Failed to propose Social Security reform and offered a Medicare
proposal that relies on a panel of bureaucrats to set prices,
quantities, and qualities of healthcare services.
Favored a large expansion of economic regulation across many
sectors, with little regard for proper cost-benefit analysis and with
a disturbing degree of favoritism toward special interests.
Enacted health care legislation that centralizes health care
decisions and increases the power of the federal bureaucracy to impose
one-size-fits-all solutions on patients and doctors, and creates
greater incentives for waste.
Favored expansion of one-size-fits-all federal rulemaking, with an
erosion of the ability of state and local governments to make
decisions appropriate for their particular circumstances.
In sum, Governor Romney’s economic plan is far superior for creating
economic growth and jobs than the actions and interventions President
Obama has taken or plans to take in the future. This November, voters
will make a fundamental choice between differing visions of America’s
Signed (affiliations listed for identification purposes only),
Gary Becker, Nobel laureate
Robert Lucas, Nobel laureate
Robert Mundell, Nobel laureate
Edward Prescott, Nobel laureate
Myron Scholes, Nobel laureate