Independent Economists Support Romney Plan

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Over 400 independent economists 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." 

Five Nobel laureates (Gary Becker, Robert Lucas, Robert Mundell, Edward Prescott, and Myron Scholes) signed the statement which, in part, reads, “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 economists also denounced Obama's economic ideas, claiming they led to an "an anemic economic recovery and high unemployment." They further assert, "his future plans are to double down on the failed policies, which will only prolong slow growth and high unemployment."

The economists write that Romney's plan is based on sound principles: 
"...more contained and less intrusive federal government, a greater reliance on the private sector, a broad expansion of opportunity without government favors for special interests, and respect for the rule of law including the decision-making authority of states and localities."

These economists note that Romney would:

▪ 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.

In "stark contrast," Obama, according to the economists, "has failed to advance policies that promote economic and job growth, focusing instead on increasing the size and scope of the federal government, which increases the debt, requires large tax increases, and burdens business with many new financial and health care regulations..."

"In sum, Governor Romney’s economic plan is far superior for creating economic growth and jobs than the actions and interventions President Obama has taken or plans to take in the future," the economists write. "This November, voters will make a fundamental choice between differing visions of America’s economic future."

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