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222 Economists Support Reining in Federal Spending Instead of More “Stimulus”

Posted By Patrick Tyrrell On December 17, 2009 @ 5:23 pm In Economics | Comments Disabled

President Obama last week told a group of Republican members of Congress who were at the White House that, every economist he has talked to said they need to spend more money to create jobs and stimulate the economy. The President then asked them to produce a list of economists that say we shouldn’t spend money to get us out of the problem.

Rep. John Boehner (R-OH) today released [1] such a list. 222 economists from across the nation signed on to support a statement [2] that cautions against out of control federal spending and too much national debt. The economists all agree that the 2009 stimulus bill did not succeed in its goal of creating jobs.

Furthermore, the prominent group is in agreement that controlling spending now can be done without harming the economy.

Politicians in Washington have too often declared there to be a false consensus on an important issue, as if those that disagree with them do not exist. Far from being non-existent, the group of 222 harks from distinguished universities, including Harvard, The University of Chicago, Columbia, and Georgetown. White House staff who tell the President there is no disagreement on the merits of economic stimulus are just plain wrong.

The President can no longer cover his ears. This year’s 2009 Stimulus bill will end up costing taxpayer’s over $1 trillion dollars including interest costs which these many experts believe was a waste. Any progeny of stimulus would face a similar fate.


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URL to article: http://blog.heritage.org/2009/12/17/222-economists-support-reining-in-federal-spending-instead-of-more-%e2%80%9cstimulus%e2%80%9d/

URLs in this post:

[1] released: http://republicanleader.house.gov/News/DocumentSingle.aspx?DocumentID=163483

[2] statement: http://gopleader.gov/uploadedfiles/12-16-09_Economist_Policy_Statement.pdf

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