Today, 10 Nobel Prize winning economists sent an open letter to the American public. In my line of work, I'm very aware of the effect economic policy has on the well being of our country. Until this administration I was never all that interested in politics. I am liberal on social issues and fairly fiscally conservative, so I usually found something to like about both parties. I have been appalled as I watch President Bush squander our economic well-being. This letter articulates my concerns to a tee:
President Bush and his administration have embarked on a reckless and extreme course that endangers the long-term economic health of our nation. John Kerry understands that sound economic policy requires a substantial change in direction, and we support him for President.
The differences between President Bush and John Kerry with respect to leadership on the economy are wider than in any other Presidential election in our experience. President Bush believes that tax cuts benefiting the most-wealthy Americans are the answer to almost every economic problem. The Bush Administrations tax cuts were poorly designed and therefore have given insufficient stimulus to job creation. The principal effect of the Bush Administrations fiscal policies has been to turn budget surpluses into enormous budget deficits. President Bushs fiscal irresponsibility threatens the long-term economic security and prosperity of our nation. At a time when our nation should be saving for the future, to pay the Medicare and Social Security benefits for the baby boomers, our national debt is swelling; the social contract that binds one generation to another is being threatened with unraveling. Increased borrowing from abroadnow almost five percent of our GDPleaves our country, our economy and global stability increasingly vulnerable to changes in sentiments of foreign, or even domestic, investors. At the same time, his policies have exacerbated income inequality, failed to address the real wage declines and rising health care costs beleaguering American families, and ignored the need for critical investments to spur long-term growth.
John Kerry will chart a different course. We believe that he will restore fiscal responsibility. He is committed to making key investments in human capital, such as helping families meet the cost of higher education. He has a proposal that will address the problem of rising health care costs. We believe that he has both the ability and the commitment to work with our allies and trading partners to promote global growth that lifts up workers around the world.
John Kerry is our choice for Americas next President. We hope that you will join us.
Signed by the following recipients of the Nobel Prize in Economics:
George A. Akerlof University of California at Berkeley
Kenneth J. Arrow Stanford University
Daniel Kahneman Princeton University
Lawrence R. Klein University of Pennsylvania
Daniel L. McFadden University of California at Berkeley
Douglass C. North Washington University St. Louis
Paul A. Samuelson MIT
William F. Sharpe Stanford University
Robert M. Solow MIT
Joseph E. Stiglitz Columbia University
President Bush and his administration have embarked on a reckless and extreme course that endangers the long-term economic health of our nation. John Kerry understands that sound economic policy requires a substantial change in direction, and we support him for President.
The differences between President Bush and John Kerry with respect to leadership on the economy are wider than in any other Presidential election in our experience. President Bush believes that tax cuts benefiting the most-wealthy Americans are the answer to almost every economic problem. The Bush Administrations tax cuts were poorly designed and therefore have given insufficient stimulus to job creation. The principal effect of the Bush Administrations fiscal policies has been to turn budget surpluses into enormous budget deficits. President Bushs fiscal irresponsibility threatens the long-term economic security and prosperity of our nation. At a time when our nation should be saving for the future, to pay the Medicare and Social Security benefits for the baby boomers, our national debt is swelling; the social contract that binds one generation to another is being threatened with unraveling. Increased borrowing from abroadnow almost five percent of our GDPleaves our country, our economy and global stability increasingly vulnerable to changes in sentiments of foreign, or even domestic, investors. At the same time, his policies have exacerbated income inequality, failed to address the real wage declines and rising health care costs beleaguering American families, and ignored the need for critical investments to spur long-term growth.
John Kerry will chart a different course. We believe that he will restore fiscal responsibility. He is committed to making key investments in human capital, such as helping families meet the cost of higher education. He has a proposal that will address the problem of rising health care costs. We believe that he has both the ability and the commitment to work with our allies and trading partners to promote global growth that lifts up workers around the world.
John Kerry is our choice for Americas next President. We hope that you will join us.
Signed by the following recipients of the Nobel Prize in Economics:
George A. Akerlof University of California at Berkeley
Kenneth J. Arrow Stanford University
Daniel Kahneman Princeton University
Lawrence R. Klein University of Pennsylvania
Daniel L. McFadden University of California at Berkeley
Douglass C. North Washington University St. Louis
Paul A. Samuelson MIT
William F. Sharpe Stanford University
Robert M. Solow MIT
Joseph E. Stiglitz Columbia University
.
