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Economist Agree, Obama's Wrong

President Obama says that "economists from across the political spectrum agree" on the need for massive government spending to stimulate the economy. In fact, many economists disagree. Hundreds of them, including Nobel laureates and other prominent scholars, have signed a statement that the Cato Institute has placed in major newspapers across the United States.

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"There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy." — PRESIDENT-ELECT BARACK OBAMA, JANUARY 9 , 2009

With all due respect Mr. President, that is not true.
Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we do not believe that more government spending is a way to improve economic performance. More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan's "lost decade" in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policy makers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.

Signed,
Burton Abrams, Univ. of Delaware
Douglas Adie, Ohio University
Ryan Amacher, Univ. of Texas at Arlington
J.J. Arias, Georgia College & State University
Howard Baetjer, Jr., Towson University
Stacie Beck, Univ. of Delaware
Don Bellante, Univ. of South Florida
James Bennett, George Mason University
Bruce Benson, Florida State University
Sanjai Bhagat, Univ. of Colorado at Boulder
Mark Bils, Univ. of Rochester
Alberto Bisin, New York University
Walter Block, Loyola University New Orleans
Cecil Bohanon, Ball State University
Michele Boldrin, Washington University in St. Louis
Donald Booth, Chapman University
Michael Bordo, Rutgers University
Samuel Bostaph, Univ. of Dallas
Scott Bradford, Brigham Young University
Genevieve Briand, Eastern Washington University
George Brower, Moravian College
James Buchanan, Nobel laureate
Richard Burdekin, Claremont McKenna College
Henry Butler, Northwestern University
William Butos, Trinity College
Peter Calcagno, College of Charleston
Bryan Caplan, George Mason University
Art Carden, Rhodes College
James Cardon, Brigham Young University
Dustin Chambers, Salisbury University
Emily Chamlee-Wright, Beloit College
V.V. Chari, Univ. of Minnesota
Barry Chiswick, Univ. of Illinois at Chicago
Lawrence Cima, John Carroll University
J.R. Clark, Univ. of Tennessee at Chattanooga
Gian Luca Clementi, New York University
R. Morris Coats, Nicholls State University
John Cochran, Metropolitan State College
John Cochrane, Univ. of Chicago
John Cogan, Hoover Institution, Stanford University
John Coleman, Duke University
Boyd Collier, Tarleton State University
Robert Collinge, Univ. of Texas at San Antonio
Lee Coppock, Univ. of Virginia
Mario Crucini, Vanderbilt University
Christopher Culp, Univ. of Chicago
Kirby Cundiff, Northeastern State University
Antony Davies, Duquesne University
John Dawson, Appalachian State University
Clarence Deitsch, Ball State University
Arthur Diamond, Jr., Univ. of Nebraska at Omaha
John Dobra, Univ. of Nevada, Reno
James Dorn, Towson University
Christopher Douglas, Univ. of Michigan, Flint
Floyd Duncan, Virginia Military Institute
Francis Egan, Trinity College
John Egger, Towson University
Kenneth Elzinga, Univ. of Virginia
Paul Evans, Ohio State University
Eugene Fama, Univ. of Chicago
W. Ken Farr, Georgia College & State University
Hartmut Fischer, Univ. of San Francisco
Fred Foldvary, Santa Clara University
Murray Frank, Univ. of Minnesota
Peter Frank, Wingate University
Timothy Fuerst, Bowling Green State University
B. Delworth Gardner, Brigham Young University
John Garen, Univ. of Kentucky
Rick Geddes, Cornell University
Aaron Gellman, Northwestern University
William Gerdes, Clarke College
Michael Gibbs, Univ. of Chicago
Stephan Gohmann, Univ. of Louisville
Rodolfo Gonzalez, San Jose State University
Richard Gordon, Penn State University
Peter Gordon, Univ. of Southern California
Ernie Goss, Creighton University
Paul Gregory, Univ. of Houston
Earl Grinols, Baylor University
Daniel Gropper, Auburn University
R.W. Hafer, Southern Illinois
University, Edwardsville
Arthur Hall, Univ. of Kansas
Steve Hanke, Johns Hopkins
Stephen Happel, Arizona State University
Frank Hefner, College of Charleston
Ronald Heiner, George Mason University
David Henderson, Hoover Institution, Stanford University
Robert Herren, North Dakota State University
Gailen Hite, Columbia University
Steven Horwitz, St. Lawrence University
John Howe, Univ. of Missouri, Columbia
Jeffrey Hummel, San Jose State University
Bruce Hutchinson, Univ. of Tennessee at Chattanooga
Brian Jacobsen, Wisconsin Lutheran College
Jason Johnston, Univ. of Pennsylvania
Boyan Jovanovic, New York University
Jonathan Karpoff, Univ. of Washington
Barry Keating, Univ. of Notre Dame
Naveen Khanna, Michigan State University
Nicholas Kiefer, Cornell University
Daniel Klein, George Mason University
Paul Koch, Univ. of Kansas
Narayana Kocherlakota, Univ. of Minnesota
Marek Kolar, Delta College
Roger Koppl, Fairleigh Dickinson University
Kishore Kulkarni, Metropolitan State College of Denver
Deepak Lal, UCLA
George Langelett, South Dakota State University
James Larriviere, Spring Hill College
Robert Lawson, Auburn University
John Levendis, Loyola University New Orleans
David Levine, Washington University in St. Louis
Peter Lewin, Univ. of Texas at Dallas
Dean Lillard, Cornell University
Zheng Liu, Emory University
Alan Lockard, Binghampton University
Edward Lopez, San Jose State University
John Lunn, Hope College
Glenn MacDonald, Washington
University in St. Louis
Michael Marlow, California
Polytechnic State University
Deryl Martin, Tennessee Tech University
Dale Matcheck, Northwood University
Deirdre McCloskey, Univ. of Illinois, Chicago
John McDermott, Univ. of South Carolina
Joseph McGarrity, Univ. of Central Arkansas
Roger Meiners, Univ. of Texas at Arlington
Allan Meltzer, Carnegie Mellon University
John Merrifield, Univ. of Texas at San Antonio
James Miller III, George Mason University
Jeffrey Miron, Harvard University
Thomas Moeller, Texas Christian University
John Moorhouse, Wake Forest University
Andrea Moro, Vanderbilt University
Andrew Morriss, Univ. of Illinois at Urbana-Champaign
Michael Munger, Duke University
Kevin Murphy, Univ. of Southern California
Richard Muth, Emory University
Charles Nelson, Univ. of Washington
Seth Norton, Wheaton College
Lee Ohanian, Univ. of California, Los Angeles
Lydia Ortega, San Jose State University
Evan Osborne, Wright State University
Randall Parker, East Carolina University
Donald Parsons, George Washington University
Sam Peltzman, Univ. of Chicago
Mark Perry, Univ. of Michigan, Flint
Christopher Phelan, Univ. of Minnesota
Gordon Phillips, Univ. of Maryland
Michael Pippenger, Univ. of Alaska, Fairbanks
Tomasz Piskorski, Columbia University
Brennan Platt, Brigham Young University
Joseph Pomykala, Towson University
William Poole, Univ. of Delaware
Barry Poulson, Univ. of Colorado at Boulder
Benjamin Powell, Suffolk University
Edward Prescott, Nobel laureate
Gary Quinlivan, Saint Vincent College
Reza Ramazani, Saint Michael's College
Adriano Rampini, Duke University
Eric Rasmusen, Indiana University
Mario Rizzo, New York University
Richard Roll, Univ. of California, Los Angeles
Robert Rossana, Wayne State University
James Roumasset, Univ. of Hawaii at Manoa
John Rowe, Univ. of South Florida
Charles Rowley, George Mason University
Juan Rubio-Ramirez, Duke University
Roy Ruffin, Univ. of Houston
Kevin Salyer, Univ. of California, Davis
Pavel Savor, Univ. of Pennsylvania
Ronald Schmidt, Univ. of Rochester
Carlos Seiglie, Rutgers University
William Shughart II, Univ. of Mississippi
Charles Skipton, Univ. of Tampa
James Smith, Western Carolina University
Vernon Smith, Nobel laureate
Lawrence Southwick, Jr., Univ. at Buffalo
Dean Stansel, Florida Gulf Coast University
Houston Stokes, Univ. of Illinois at Chicago
Brian Strow, Western Kentucky University
Shirley Svorny, California State
University, Northridge
John Tatom, Indiana State University
Wade Thomas, State University of New York at Oneonta
Henry Thompson, Auburn University
Alex Tokarev, The King's College
Edward Tower, Duke University
Leo Troy, Rutgers University
David Tuerck, Suffolk University
Charlotte Twight, Boise State University
Kamal Upadhyaya, Univ. of New Haven
Charles Upton, Kent State University
T. Norman Van Cott, Ball State University
Richard Vedder, Ohio University
Richard Wagner, George Mason University
Douglas M. Walker, College of Charleston
Douglas O. Walker, Regent University
Christopher Westley, Jacksonville State University
Lawrence White, Univ. of Missouri at St. Louis
Walter Williams, George Mason University
Doug Wills, Univ. of Washington Tacoma
Dennis Wilson, Western Kentucky University
Gary Wolfram, Hillsdale College
Huizhong Zhou, Western Michigan University
Additional economists who have signed the statement

Lee Adkins, Oklahoma State University
William Albrecht, Univ. of Iowa
Donald Alexander, Western Michigan University
Geoffrey Andron, Austin Community College
Nathan Ashby, Univ. of Texas at El Paso
George Averitt, Purdue North Central University
Charles Baird, California State University, East Bay
Timothy Bastian, Creighton University
John Bethune, Barton College
Robert Bise, Orange Coast College
Karl Borden, University of Nebraska
Donald Boudreaux, George Mason University
Ivan Brick, Rutgers University
Phil Bryson, Brigham Young University
Richard Burkhauser, Cornell University
Jim Butkiewicz, Univ. of Delaware
Richard Cebula, Armstrong Atlantic State University
Don Chance, Louisiana State University
Robert Chatfield, Univ. of Nevada, Las Vegas
Lloyd Cohen, George Mason University
Peter Colwell, Univ. of Illinois at Urbana-Champaign
Michael Connolly, Univ. of Miami
Jim Couch, Univ. of North Alabama
Eleanor Craig, Univ. of Delaware
Michael Daniels, Columbus State University
A. Edward Day, Univ. of Texas at Dallas
Stephen Dempsey, Univ. of Vermont
Allan DeSerpa, Arizona State University
William Dewald, Ohio State University
Jeff Dorfman, Univ. of Georgia
Lanny Ebenstein, Univ. of California, Santa Barbara
Michael Erickson, The College of Idaho
Jack Estill, San Jose State University
Dorla Evans, Univ. of Alabama in Huntsville
Frank Falero, California State University, Bakersfield
Daniel Feenberg, National Bureau of Economic Research
Eric Fisher, California Polytechnic State University
William Ford, Middle Tennessee State University
Ralph Frasca, Univ. of Dayton
Joseph Giacalone, St. John's University
Adam Gifford, California State Unviersity, Northridge
Otis Gilley, Louisiana Tech University
J. Edward Graham, University of North Carolina at Wilmington
Richard Grant, Lipscomb University
Gauri-Shankar Guha, Arkansas State University
Darren Gulla, Univ. of Kentucky
Dennis Halcoussis, California State University, Northridge
Richard Hart, Miami University
James Hartley, Mount Holyoke College
Thomas Hazlett, George Mason University
Scott Hein, Texas Tech University
John Hoehn, Michigan State University
Daniel Houser, George Mason University
Thomas Howard, University of Denver
Chris Hughen, Univ. of Denver
Marcus Ingram, Univ. of Tampa
Joseph Jadlow, Oklahoma State University
Sherry Jarrell, Wake Forest University
Robert Krol, California State University, Northridge
James Kurre, Penn State Erie
Tom Lehman, Indiana Wesleyan University
W. Cris Lewis, Utah State University
Stan Liebowitz, Univ. of Texas at Dallas
Anthony Losasso, Univ. of Illinois at Chicago
John Lott, Jr., Univ. of Maryland
Keith Malone, Univ. of North Alabama
Henry Manne, George Mason University
Richard Marcus, Univ. of Wisconsin-Milwaukee
Timothy Mathews, Kennesaw State University
John Matsusaka, Univ. of Southern California
Thomas Mayor, Univ. of Houston
W. Douglas McMillin, Louisiana State University
Mario Miranda, The Ohio State University
Ed Miseta, Penn State Erie
James Moncur, Univ. of Hawaii at Manoa
Charles Moss, Univ. of Florida
Tim Muris, George Mason University
John Murray, Univ. of Toledo
David Mustard, Univ. of Georgia
Steven Myers, Univ. of Akron
Dhananjay Nanda, University of Miami
Stephen Parente, Univ. of Minnesota
Douglas Patterson, Virginia Polytechnic Institute and University
Timothy Perri, Appalachian State University
Mark Pingle, Univ. of Nevada, Reno
Richard Rawlins, Missouri Southern State University
Thomas Rhee, California State University, Long Beach
Christine Ries, Georgia Institute of Technology
Nancy Roberts, Arizona State University
Larry Ross, Univ. of Alaska Anchorage
Timothy Roth, Univ. of Texas at El Paso
Atulya Sarin, Santa Clara University
Thomas Saving, Texas A&M University
Eric Schansberg, Indiana University Southeast
Alan Shapiro, Univ. of Southern California
Frank Spreng, McKendree University
Judith Staley Brenneke, John Carroll University
John E. Stapleford, Eastern University
Courtenay Stone, Ball State University
Avanidhar Subrahmanyam, UCLA
Scott Sumner, Bentley University
Clifford Thies, Shenandoah University
William Trumbull, West Virginia University
Gustavo Ventura, Univ. of Iowa
Marc Weidenmier, Claremont McKenna College
Robert Whaples, Wake Forest University
Gene Wunder, Washburn University
John Zdanowicz, Florida International University
Jerry Zimmerman, Univ. of Rochester
Joseph Zoric, Franciscan University of Steubenville


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Added: Jan-29-2009 
By: MarkusMarone
In:
Iran, News
Tags: Obama, Cato, Stimulus
Views: 12106 | Comments: 52 | Votes: 2 | Favorites: 0 | Shared: 1 | Updates: 0 | Times used in channels: 1
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  • LMAO at this empty suit and his lack of knowledge on even how to run a McDonalds. Man we are in huge trouble.

    ACORN, the group under investigation for voter registration fraud, is eligible for $5.2 billion of taxpayer dollars. $335 million for sexually transmitted disease education such
    as funding events called 'Booty Call' and 'Great Sex'. 20 billion more for welfare. $16 billion to bailout California and billions for other states which mismanaged their own financial situation.$87 million More..

    Posted Jan-29-2009 By 

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    • where is your source for all this information your spreading there jlvia??? Could you please post it?

      Posted Jan-30-2009 By 

      (0) | Report

    • Look up libtard. I know its hard for liberals do ANY TYPE OF WORK, but for crying out loud, we have to do research for you now? NOPE. Look it up yourself if you are capable.

      Posted Jan-30-2009 By 

      (0) | Report

    • HAH... you're hilarious... I actually did try and look it up but as I figured, there was nothing that had the (dis)information that you posted here. I'm guessing your source is out of your ass.

      Posted Jan-30-2009 By 

      (0) | Report

    • No you didn't. And how in the f do you think I made this up? You are truly a pathetic Baracksheeple. I guess you don't know how to do research. Did you graduate from high school? Or are you still in jr high school?

      Posted Jan-30-2009 By 

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  • spending record amounts of money that we don't even have is going to fix the economy? isn't that like getting more credit cards to pay for the morgage you can't afford?

    Posted Jan-29-2009 By 

    (6) | Report

  • Obama won't listen to these professors and he frankly doesn't give a shit what any of us say. IF he did, he'd have never appointed a tax cheating felon head of the US treasury. Wake up America.

    Posted Jan-29-2009 By 

    (5) | Report

  • "Notwithstanding reports that all economists are now Keynesians..." LMAO! Perfect!

    Posted Jan-29-2009 By 

    (4) | Report

  • OMG Obamagod is wrong say it ain't so! What will we do? Bend over and take once again? Time for revolution!!!! Time to take back OUR government for the National Socialists OPPS the democrats.

    Posted Jan-29-2009 By 

    (4) | Report

  • Comment of user 'jsczerby' has been deleted by author (after account deletion)!
  • Instead of playing the blame game we should accept the fact that capitalism has an Achilles Hell. Capitalism feeds on itself. It's based on materialism. Make more money buy bigger toys. Here's a hypothetical question...what if you handed every adult in America a million dollar check??? Would we be in economic nirvana or would we just implode??

    Posted Jan-30-2009 By 

    (3) | Report

  • Barry O has not a clue.

    Posted Jan-29-2009 By 

    (3) | Report

  • "From across the political spectrum" yea right.

    As long as that spectrum is from the red and infrared wavelengths.

    Posted Jan-29-2009 By 

    (2) | Report

  • With American being a "Service Based Economy" the irony lies with the very term itself. What happens when services cease because no one can pay the service (interest) on the Debt we owe?

    When you have a tax base with no jobs, and you further have 10 trillion dollars of debt you owe interest on, how in the darn world does anyone think that its good policy to borrow so you can get yourself out of debt?

    I'm starting to feel like one of those ill fated passengers on the Titanic, stuck sa More..

    Posted Jan-29-2009 By 

    (2) | Report

    • Money by decree only takes you so far. Our "system" is corrupt and rife with thieves wearing white collars. But go long on some bonds let me know how that works out for ya.

      Americans can be some of worlds most arrogant people, and that belief is not unlike you holding your own hand in front of your face, and betting me that I can't hit your hand before you move it!

      Its the system that is the problem ol bud, it no worky. Money backed by air and a promise to pay is going to have a day More..

      Posted Jan-29-2009 By 

      (2) | Report

  • Looks like Obama messiah is clueless when it comes to the economy, at least according the the experts he is. This presidency should be a real hoot.

    Posted Jan-30-2009 By 

    (1) | Report

  • Comment of user 'WTFnow' has been deleted by author (after account deletion)!
  • I am amazed as it seems with a head count of fewer than 25 on this list, women are either not economists, or they are just big government spenders.

    Posted Jan-29-2009 By 

    (0) | Report

  • Canada is concerned right now that there might be a BUY AMERICA policy in this stimulus bill.

    http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20090129/Buy_American_090129/20090129?hub=TopStories

    I am only taking the word of experts. But they claim if Americans become PROTECTIONISTS, there will be retaliation and we will all be hurt for many years.

    Posted Jan-29-2009 By 

    (0) | Report

  • I think all the republicans who voted against this should not accept and of the money for there congressinal district. makes sense, right?

    Posted Jan-29-2009 By 

    (0) | Report

  • let them spend it,.its all "Air Money" anyways,..

    the Fed Reserve has an open Air account now,...
    say the amount and they will write the check,right out of thin Air,..
    from what I understand their is an endless amount,...

    Posted Jan-30-2009 By 

    (0) | Report

  • The Govt don't use the words "checks and Balances",..anymore,...

    its called "checks and spend",....

    Posted Jan-30-2009 By 

    (0) | Report

  • The pork bill is a stimulus like castration is an aphrodesiac.

    Posted Jan-30-2009 By 

    (0) | Report

  • you can't disagree with the almighty messiah!

    Posted Jan-30-2009 By 

    (0) | Report

  • "economists"
    Aren't these the clowns that were too dumb to forecast the shit we are in now?

    Posted Jan-30-2009 By 

    (0) | Report

  • here i come canada!!!!

    Posted Jan-30-2009 By 

    (0) | Report

  • Regulations required banks not only to lend to uncreditworthy borrowers, but to do so on the basis of race.

    Despite how integrally tied the current crisis is to this bill enacted by a Democrat-controlled Congress and signed into law by Jimmy Carter, no major media outlet other than Investor's Business Daily and National Review Online mentioned it during the September 2008 market meltdown."

    The 1977 Community Reinvestment Act required banks and savings institutions to make loans to the More..

    Posted Jan-30-2009 By 

    (0) | Report

  • Everyone, from top to bottom, must first halve their salaries, fees and wages. Taxes must be halved, profits eliminated, interest set to zero and spending on non medical, scientific or educational systems stopped. Globally.
    If not, riots will happen. As will stealing and robbing. Murders will rise, martial law enforcement will empty the streets and and everything will shut down. Be thankful if you have the skills and talents to DO something besides push paper currency or the laws that protect More..

    Posted Jan-29-2009 By 

    (0) | Report

  • Obama signed into law today the Equal Pay Bill. Look it up.

    Posted Jan-29-2009 By 

    (0) | Report

  • Economist Agree, Still can't believe it's not butter. Oh, and the economy is bad too.

    Posted Jan-29-2009 By 

    (-1) | Report