Over 400 prominent economists from industry and academia (including five Nobel laureates) publicly endorsed Mitt Romney and Paul Ryan’s economic revival and jobs plan. They signed a statement at the website Economists for Romney in support of what they call the Republican presidential candidate’s “bold economic plan for America.”
“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…”
Scholars agree with Romney’s intentions to “reduce marginal tax rates on business and wage incomes and broaden the tax base to increase investment, jobs, and living standards.”
The U.S. economy has been circling the drain since before Barack Obama became president, as he cheerfully reminds everyone at every available opportunity. It couldn’t possibly be his fault, it was like that when he found it. Under Obamanomics, things have gotten worse by every standard of measurement:
- Unemployment has exceeded 8 percent for 42 straight months (a post-war record).
- Between 3 and 4 million people have given up looking for work entirely, making the “real” unemployment number something close to 13 or 14 percent.
- The economy is barely growing.
- Middle-class incomes are down.
- The price of gasoline is up (big surprise there).
- The number of Americans living in poverty is also on the rise.
Romney’s Plan Key Points:
- 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 economy.
- 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.