Tuesday, October 19, 2004

What do I know?

Don't listen to me about economic policy. Let's hear what the new Economics Nobelist has to say:

"'The idea that you can increase taxes and stimulate the economy is pretty damn stupid,' he said.

"Bush's campaign on Monday released a letter signed by Prescott and five other Nobel laureates critical of Kerry's proposal to roll back tax reductions for families earning $200,000 or more.

"In The Republic interview, he said such a policy would discourage people from working.

"'It's easy to get over $200,000 in income with two wage earners in a household,' Prescott said. "We want those highly educated, talented people to work."

"Prescott also gave Bush the nod on another controversial campaign issue, dismissing Kerry's claims that outsourcing of jobs is damaging the economy. . . . Prescott also backed the idea, espoused by Bush, to reform Social Security by allowing some workers to place a portion of their payroll taxes into private savings accounts."

Nod to Instapundit:

: Link


At October 19, 2004 at 3:59 PM, Anonymous Anonymous said...

EXTRA! EXTRA! Ten-out-of-Eleven Nobel Prize Winning Economists Agree: Bush Economic Plan Causes Gingivitis!

John Kerry won the endorsement of 10 Nobel Prize-winning economists Wednesday as he attacked President Bush for policies that he said have led to the creation of only low-paying jobs. The Democratic presidential nominee released a letter from the economists saying the Bush administration had “embarked on a reckless and extreme course that endangers the long-term economic health of our nation.”

They cited “poorly designed” tax cuts that instead of creating jobs have turned budget surpluses into enormous budget deficits, a “fiscal irresponsibility threatens the long-term economic security and prosperity of our nation.”

The endorsement, in the form of an open letter by American voters, was signed by George Akerlof and Daniel McFadden of the University of California at Berkeley, Kenneth Arrow and William Sharpe of Stanford University, Daniel Kahneman of Princeton University, Lawrence Klein of the University of Pennsylvania, Douglass North of Washington University, Paul Samuelson and Robert Solow of MIT and Joseph Stiglitz of Columbia University.


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