To: Interested Parties
From: Bush-Cheney '04 Communications
Date: 10/13/04
Re: Letter Criticizing John Kerry's Economic Plans Signed By 368 Of The Nation's Leading Economists
Bush-Cheney '04 today announced 368 of the nation's leading economists from 44 states have signed an economic statement denouncing John Kerry's economic proposals. The group boasts six Nobel laureates, including recent winner and Professor of Economics at Arizona State University Edward C. Prescott, as well as six former chairs of the President's Council of Economic Advisers. America 's economists recognize that President Bush's pro-growth policies and across-the-board tax relief are the right policies for sustained growth – and they are urging voters not to turn back with John Kerry's tax and spend agenda.
Glenn Hubbard, Dean of the Columbia University Business School and former Chairman of the President's Council of Economic Advisers, said: "Ideas and response to events are the tests of economic leadership. President Bush's focus on raising long-term growth using well-timed tax cuts, opening markets, and seeking to limit regulatory and litigation costs has furthered the global economic expansion. The administration's leadership in the War on Terror, the management of terrorism risk, and restoring investor confidence also limited potentially damaging downturns of confidence. Senator Kerry's recipe of limiting job creation by raising tax rates on entrepreneurs and our most successful global companies, while radically expanding the size and scope of government will limit future economic growth and lead to increasingly grim fiscal choices."
Economists' Statement On John Kerry's Economic Agenda
To whom it may concern:
We, the undersigned, strongly oppose key aspects of the economic agenda that John Kerry has offered in his bid for the U.S. presidency.
John Kerry says he "is committed to balancing the budget," but he has proposed additional spending that some analysts have estimated could cost as much as $226.1 billion annually ($2.261 trillion over ten years). He promises to "end corporate welfare as we know it" by implementing the "McCain-Kerry commission on corporate welfare," but he also proposes to provide additional "tax credits and subsidies to manufacturers" that meet his criteria.
Entitlement reform is the most important fiscal challenge facing the country, yet Kerry's approach has been to deny that any fix is needed. Indeed, Kerry criticized the recent Medicare expansion for not being large enough.
John Kerry has proposed tax increases that threaten to sap the economy's vitality and reduce long-term growth. Specifically, Kerry proposes to "restore the top two [income] tax rates to their levels under President Clinton." He would also, among other things, "restore the capital gains and dividend rates for families making over $200,000 on income earned above $200,000 to their levels under President Clinton." Kerry's stated desire to balance the budget and to boost federal spending substantially would almost certainly require far higher and broader tax increases than he has proposed.
John Kerry boasts that his economic policies will lead to the creation of 10 million jobs in his first term as president. As Martin Sullivan wrote last April in the strictly non-partisan Tax Notes, no one "has presented any analysis to relate the Kerry plan to the creation of 1 million jobs, much less 10 million jobs." In fact, we believe Kerry's proposals would, over time, inhibit capital formation, depress productivity growth, and make the United States less competitive internationally. The end result would be lower U.S. employment and real wage growth.
John Kerry has expressed a general reluctance to reduce trade barriers. He has promised, if elected, to "review existing trade agreements." He vows not to "sign any new trade agreements until the review is complete and its recommendations [are] put in place." That's a prescription for political gridlock. Given the widespread benefits of unfettered trade, Kerry's trade policies would harm U.S. producers and consumers alike.
All in all, 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.
Note : Affiliations are provided for identification purposes only. The organizations listed below should in no way be considered as endorsing the views of the individual.
Burton A. Abrams
University of Delaware
Douglas K. Adie
Ohio University
Richard Agnello
University of Delaware
William Albrecht
University of Iowa
Donald L. Alexander
Western Michigan University
William R. Allen
University of California , Los Angeles
Ryan C. Amacher
University of Texas-Arlington
Annelise Anderson
The Hoover Institution, Stanford University
Martin Amderson
The Hoover Institution, Stanford University
Wayne Angell
Angell Economics (proprietor)
Jim Araji
University of Idaho
Richard K. Armey
Former U.S. House Majority Leader
John Baden
Foundation for Research on Economics and the Environment
Charles W. Baird
California State University , Hayward
Anatol Balbach
Private Economist
Ray Ball
University of Chicago
A. Paul Ballantyne
University of Colorado at Colorado Springs
King Banaian
St. Cloud State University
Andy Barnett
Auburn University
Howard J. Beales III
George Washington University
Stacie Beck
University of Delaware
Gary S. Becker
University of Chicago
Don Bellante
University of South Florida
David BenDaniel
Cornell University
Bruce Bender
University of Wisconsin — Milwaukee
Bruce L. Benson
Florida State University
M. Douglas Berg
Sam Houston State University
John J. Bethune
Barton College
Bob Bise
Orange Coast College
Michael K. Block
University of Arizona
Cecil E. Bohanon
Ball State University
Donald R. Booth
Chapman University
G. Geoffrey Booth
Michigan State University
George Borjas
Harvard University
George Borts
Brown University
Michael J. Boskin
Stanford University
John H. Boyd
University of Minnesota
Michael W. Brandl
The University of Texas at Austin
Wayne Brough
Citizens for a Sound Economy
David Brown
University of Wisconsin at Madison
William W. Brown
California State University , Northridge
John B. Bryant
Rice University
Phil Bryson
Brigham Young University
Andrzej Brzeski
University of California , Davis
Steve Buccola
Oregon State University
James Buchanan
George Mason University
Richard C. K. Burdekin
Claremont McKenna College
Rob Burrus
University of North Carolina — Wilmington
Jim Butkiewicz
University of Delaware
Steven Call
Metropolitan State College of Denver
Colin D. Campbell
Dartmouth College
Noel D. Campbell
North Georgia College and State University
Oral Capps, Jr.
Texas A&M University
John S. Chipman
University of Minnesota
Barry R. Chiswick
University of Illinois — Chicago
Richard H. Clarida
Columbia University
J.R. Clark
University of Tennessee
R. Morris Coats
Nicholls State University
Joe Cobb
Dana Point , California
Howard Cochran, Jr.
Belmont University
John P. Cochran
Metropolitan State College of Denver
John Cogan
The Hoover Institution, Stanford University
Boyd D. Collier
Tarleton State University
Roy Cordato
John Locke Foundation
Jim F. Couch
University of Northern Alabama
Eleanor Craig
University of Delaware
Ward S.Curran
Trinity College
Michael R. Darby
University of California , Los Angeles
Larry Davidson
Indiana University
Otto Davis
Carnegie Mellon University
Ronnie H. Davis
Florida Institute of Technology
Steve Davis
University of Chicago
Ed Day
University of Central Florida (retired)
Arthur De Vany
University of California , Irvine (emeritus)
Thomas DeLeire
Michigan State University
Gregory J. Delemeester
Marietta College
Henry Demmert
Santa Clara University
Christopher DeMuth
American Enterprise Institute
Craig A. Depken, II
Private economist
William G. Dewald
Ohio State University
Arthur M. Diamond, Jr.
University of Nebraska at Omaha
Jeff Dorfman
University of Georgia
William C. Dunkelberg
Temple University
Robert M. Dunn, Jr.
George Washington University
Parnell Duverger
Broward Community College
Dennis S. Edwards
Coastal Carolina University
Isaac Ehrlich
State University of New York at Buffalo
Jeffrey A. Eisenach
CapAnalysis, LLC
Dennis F. Ellis
University of Michigan at Flint
Michael A. Ellis
Kent State University
Eric Engen
American Enterprise Institute
Michael R. Englund
Action Economics, LLC
Stephen J. Entin
Institute for Research on the Economics of Taxation
Michael Erickson
Albertson College
Richard E. Ericson
East Carolina University
Fred G. Esposto
Kutztown University
Paul Evans
Ohio State University
Frank Falero
California State University (emeritus)
Allen M. Featherstone
Kansas State University
Martin Feldstein
Harvard University
Paul J. Feldstein
University of California , Irvine
Arthur A. Fleisher, III
Metro State College of Denver
Harold Flint
Montclair State University
Sean Flynn
Vassar College
Fred Foldvary
Santa Clara University
William F. Ford
Middle Tennessee State University
Blair L. Fortner
The Senate Majority Fund ( Missouri )
Micah Frankel
California State University
D. C. Frechtling
George Washington University
Gary L. French
Nathan Associates, Inc.
Milton Friedman
The Hoover Institution
Kenneth C. Froewiss
New York University, Stern School of Business
B. Delworth Gardner
Brigham Young University
Dave Garthoff
University of Akron
Gerald Garvey
Claremont Graduate University
James F, Gatti
University of Vermont
Gregory M. Gelles
University of Missouri — Rolla
Joseph A. Giacalone
St. John's University
Adam Gifford
California State University, Northridge
Otis W. Gilley
Louisiana Tech University
Edward L. Glaeser
Harvard University
Amy Jocelyn Glass
Texas A&M University
Richard F. Gleisner
St. Cloud State University
Charles J. Goetz
University of Virginia
Rodolfo A. Gonzalez
San Jose State University
John C. Goodman
National Center for Policy Analysis
Richard L. Gordon
Pennsylvania State University
Ernie Goss
Creighton University
Scott F. Grannis
Western Asset Management
Bettina Bien Greaves
Foundation for Economic Education
William B. Green
Sam Houston State University
Ken Greene
Binghamton University
John Greenhut
Arizona State University West
Earl L. Grinols, III
Baylor University
Daniel M. Gropper
Auburn University
James Gwartney
Florida State University
Rik Hafer
Southern Illinois University, Edwardsville
Dennis Halcoussis
California State University, Northridge
Stephen Happel
Arizona State University
Scott Harrington
University of South Carolina
James E. Hartley
Mount Holyoke College
Kevin Hassett
American Enterprise Institute
Joel W. Hay
University of Southern California
Cary Heath
University of Louisiana at Lafayette
Robert H. Heidt
Indiana University at Bloomington
Dale M. Heien
University of California, Davis
Robert B. Helms
American Enterprise Institute
James W. Henderson
Baylor University
Robert Herren
North Dakota State University
Irving Hoch
University of Texas at Dallas (emeritus)
Harold M. Hochman
Lafayette College (emeritus)
Robert J. Hodrick
Columbia University
Milton L. Holloway
Resource Economics, Inc.
George Horwich
Purdue University (emeritus)
Glenn Hubbard
Columbia University
James L. Huffman
Lewis & Clark Law School
Larry Hunter
Empower America
E. Bruce Hutchinson
University of Tennessee at Chattanooga
Selahattin Imrohoroglu
University of Southern California
Chris Inama
Golden Gate University
F. Jerry Ingram
University of Louisiana-Monroe
F. Owen Irvine
Michigan State University
Steve Jackstadt
University of Alaska — Anchorage
Joseph M. Jadlow
Oklahoma State University
Austin Jaffe
Penn State University
Sherry Jarrell
Wake Forest University
Michael C. Jensen
Harvard Business School
Dennis A. Johnson
University of South Dakota (emeritus)
Clifton T. Jones
Stephen F. Austin State University
Jerry L. Jordan
Fraser Institute
Richard E. Just
University of Maryland
Alexander Katkov
Johnson & Wales University
Raymond J.Keating
Small Business Survival Committee
Kristen Keith
University of Toledo
Calvin A. Kent
Marshall University
B.F. Kiker
University of South Carolina
Robin Klay
Hope College
Paul Koch
Olivet Nazarene University
Meir Kohn
Dartmouth College
James W. Kolari
Texas A&M University
Roger Kormendi
University of Michigan Business School
Melvyn Krauss
Hoover Institution, Stanford University
Robert C. Krol
California State University at Northridge
Randall S. Kroszner
University of Chicago
Michael M. Kurth
McNeese State University
Richard La Near
Missouri Southern State University
Arthur B. Laffer
Laffer Associates
William E. Laird
Florida State University
Deepak Lal
University of California — Los Angeles
Russell Lamb
Economic Consultant, Washington , D.C.
Nicholas A. Lash
Loyola University
Robert A. Lawson
Capital University
Ed Lazear
Stanford University
Don R. Leet
California State University at Fresno
John Leeth
Bentley College
Ken Lehn
University of Pittsburgh
Noreen Lephardt
Marquette University
Adam Lerrick
University of Nebraska — Lincoln
Cotton M. Lindsay
Clemson University
Larry Lindsey
American Enterprise Institute
Allan E. Lines
Ohio State University
Luis Locay
University of Miami
Dennis E. Logue
University of Oklahoma
James R. Lothian
Fordham University
John Lott
American Enterprise Institute
Lawrence W. Lovik
Troy State University
Harold I. Lunde
Bowling Green State University (emeritus)
John Lunn
Hope College
Donald L. Luskin
Trend Macrolytics
Paul W. MacAvoy
Yale University
Glenn MacDonald
Washington University
Doug MacKenzie
Ramapo College of New Jersey
Joseph P. Magaddino
California State University, Long Beach
Burton Malkiel
Princeton University
Yuri N. Maltsev
Carthage College
Henry G. Manne
George Mason University School of Law (emeritus)
Richard Manning
Pfizer, Inc.
Dick Marcus
University of Wisconsin — Milwaukee
Michael L. Marlow
California Polytechnic State University, San Luis Obispo
Craig Marxsen
University of Nebraska at Kearney
Scott Masten
University of Michigan
John G. Matsusaka
University of Southern California
Merrill Matthews
Institute for Policy Innovation
Paul W. McCracken
University of Michigan
Rachel McCulloch
Brandeis University
Lawrence J. McQuillan
Pacific Research Institute
Tom Means
San Jose State University
David I. Meiselman
Virginia Tech (emeritus)
Allan Meltzer
Carnegie Mellon University
Lloyd J. Mercer
University of California, Santa Barbara
John Merrifield
University of Texas at San Antonio
Jim Miller
Former Reagan Budget Director
Tracy Miller
Grove City College
David E. Mills
University of Virginia
Mario J. Miranda
Ohio State University
Ronald L. Moomaw
Oklahoma State University
Steve Moore
Club for Growth
John C. Moorhouse
Wake Forest University
Paul Morgan
Westmont College
Michael A. Morrisey
University of Alabama at Birmingham
Andrew P. Morriss
Case Western University
Robert Mundell
Columbia University
Michael Munger
Duke University
John Murray
University of Toledo
Anthony Negbenebor
Gardner-Webb University
Jon P. Nelson
Penn State University
George Neumann
University of Iowa
Seth Norton
Wheaton College
William H. Oakland
Tulane University
Lee E. Ohanian
University of California , Los Angeles
David J. O'Hara
Metropolitan State University
June O'Neill
Baruch College, City University of New York
Lydia Ortega
San Jose State University
Bill Orzechowski
Orzechowski and Walker
Karen Palasek
John Locke Foundation
Randall E. Parker
East Carolina University
E.C. Pasour, Jr.
North Carolina State University
Judd W. Patton
Bellevue University
William Peirce
Case Western Reserve University (emeritus)
Tim Perri
Appalachian State University
Mark J. Perry
University of Michigan — Flint
William H. Peterson
Heritage Foundation
Christopher Pflaum
Spectrum Economics, Inc.
Charles R. Plott
California Institute of Technology
Ivan Pongracic, Jr.
Hillsdale College
Barry Poulson
University of Colorado
Edward C. Prescott
Arizona State University
Jan S. Prybyla
Pennsylvania State University
Richard Rahn
Discovery Institute
John Rapp
University of Dayton
Eric Rasmusen
Indiana University
Martin A. Regalia
United States Chamber of Commerce
Spencer S. Reibman
Georgia State University
Ralph R. Reiland
Robert Morris University
George Reisman
Pepperdine University
Christine P. Ries
Georgia Institute of Technology
Nancy Roberts
Arizona State University
David C. Rose
University of Missouri
Robert J. Rossana
Wayne State University
Timothy Roth
University of Texas at El Paso
Charles K. Rowley
George Mason University
Paul H. Rubin
Emory University
Roy Ruffin
University of Houston
John Ruggiero
University of Dayton
Mark Rush
University of Florida
Gary J. Santoni
Ball State University (emeritus)
Thomas R. Saving
Texas A&M University
Mike Schuyler
Institute for Research on the Economics of Taxation
G. William Schwert
University of Rochester
Carole E. Scott
State University of West Georgia
John J. Seater
North Carolina State University
Carlos Seiglie
Rutgers University
Richard T. Selden
University of Virginia
Barry J. Seldon
University of Texas at Dallas
John Semmens
Phoenix College
Jacobus T. Severiens
John Carroll University
Sol S. Shalit
University of Wisconsin
Alan C. Shapiro
University of Southern California
Stephen Shmanske
California State University, Hayward
William F. Shughart II
University of Mississippi
George P. Shulrz
The Hoover Institution, Stanford University
John E. Silvia
Wachovia
Neil T. Skaggs
Illinois State University
Charles Skipton
University of Tampa
Mark Skousen
Columbia University
Amy Smith
The Lindsey Group
Clifford W. Smith
Simon School of Business, University of Rochester
James F. Smith
University of North Carolina at Chapel Hill
Kenneth R. Smith
University of Arizona
Neil Snyder
University of Virginia
Russell Sobel
West Virginia University
David L. Sollars
Washburn University
John C. Soper
John Carroll University
Douglas Southgate
Ohio State University
David E. Spencer
Brigham Young University
Frank Spreng
McKendree College
Beryl Sprinkel
B.W. Sprinkel Economics
Stan Spurlock
Mississippi State University
Ben Stein
Pepperdine University
Craig Stephenson
Babson College
E. Frank Stephenson
Berry College
Courtenay C. Stone
Ball State University
Marc Sumerlin
The Lindsey Group
Daniel A. Sumner
University of California, Davis
Richard Sweeney
Georgetown University
Thomas L. Tacker
University of Central Florida
Robert Tamura
Clemson University
Lester Telser
University of Chicago
Rebecca Thacker
Ohio University
Clifford T. Thies
Shenandoah University
Henry Thompson
Auburn University
Robert Tollison
Clemson University
Leo Troy
Rutgers University
David G. Tuerck
Suffolk University
Gordon Tullock
George Mason University
Charlotte Twight
Boise State University
Charles Upton
Kent State University
T. Norman Van Cott
Ball State University
Richard Vedder
Ohio University
Robert Vigil
Analysis Group, Inc.
J. Antonio Villamil
Former U.S. Under Secretary of Commerce for Economic Affairs
Kip Viscusi
Harvard University
John Volpe
Trinity College
Richard E. Wagner
George Mason University
William B Walstad
University of Nebraska — Lincoln.
John T. Warner
Clemson University
Thayer Watkins
San Jose State University
Andrew Weinbach
Armstrong Atlantic State University
Michael Welker
Franciscan University of Steubenville
John T. Wenders
University of Idaho
Walter J. Wessels
North Carolina State University
Robert Whaples
Wake Forest University
Gilbert Whitaker
Rice University
John Wicks
University of Montana
Gary W. Williams
Texas A&M University
Michael Williams
University of Denver
Walter E. Williams
George Mason University
Mark Wilson
Appalachian State University
Gary Wolfram
Hillsdale College
Gene C. Wunder
Washburn University
Richard Yamarone
Argus Research Group
DeVan L. Yoho
Ball State University
Andrew Yuengert
Pepperdine University
Paul Zak
Claremont Graduate University
Mokhlis Zaki
Northern Michigan University
Arnold Zellner
University of Chicago
Benjamin Zycher
Pacific Research Institute
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Bush-Cheney ' 04 Communications
10/13/04