Economist’s statement on John McCain’s jobs for America Economic Plan

ARLINGTON, VA – U.S. Senator John McCain’s presidential campaign today released a statement signed by over 300 professional economists in support of John McCain’s Jobs for America economic plan. The list includes Nobel Prize winners, business economists with experience in the private sector, policy economists with experience in government and academic economists from major universities and state and community colleges.

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Those signing the statement include Nobel Prize winners in Economics (Gary Becker, James Buchanan, Robert Lucas, Robert Mundell and Vernon Smith), former Presidents of the American Economic Association (Gary Becker, Martin Feldstein, Anne Krueger and Robert Lucas), economists who have served in the U.S. Treasury as Secretary or Under Secretaries (George Shultz, Beryl Sprinkel and John Taylor), former Chairs and other Members of the President’s Council of Economic Advisers (Michael Boskin, Martin Feldstein, Glenn Hubbard, Paul MacAvoy, Burton Malkiel, Paul McCracken, William Poole, Harvey Rosen, Beryl Sprinkel, John Taylor and Murray Weidenbaum), former OMB Directors and other officials (John Cogan, James Miller, George Shultz and Amy Smith), former CBO Directors (Dan Crippen, Douglas Holtz-Eakin and June O’Neill), former Chair of the Commodity Futures Trading Commission (Wendy Gramm), former Chairs of the Federal Trade Commission (James Miller and T im Muris) and economists who have served as Under Secretary of Commerce (Kathleen Cooper and Tony Villamil).

Economists’ Statement:

We enthusiastically support John McCain’s economic plan. It is a comprehensive, pro-growth, reform agenda. The reform focuses on the real economic problems Americans face today and will face in the future. And it builds on the core economic principles that have made America great. His plan would control government spending by vetoing every bill with earmarks, implementing a constitutionally valid line-item veto, pausing non-military discretionary government spending programs for one year to stop their explosive growth and place accountability on federal government agencies. His plan would keep taxes from rising, because higher tax rates are exactly the wrong policy to restore economic growth, especially at this time. His plan would reduce tax rates by cutting the tax that corporations pay to 25 percent in line with other countries, by completely phasing out the alternative minimum tax, by increasing the exemption for dependents, by permitting the first-year expensing of new equipment and technology, and by making permanent a reformed tax credit for R&D. His plan would also create a new and much simpler tax system and give Americans a free choice of whether to pay taxes under that simple system or the current complex and burdensome income tax. His plan would open new markets for American goods and services and thereby create additional jobs for Americans by supporting good free trade agreements, such as the one with Colombia, and working with leaders around the world to avoid isolationism and protectionism. His plan would also reform education, retraining, and other assistance programs so they better help those displaced by trade and other changes in the economy. His plan addresses problems in the financial markets and housing markets by calling for increased transparency and accountability, by targeted assistance to deserving homeowners to refinance their mortgages, and by opposing so-called reform plans which would raise the costs of home-ownership in the future. The above actions, as well as plans to address entitlement programs – especially Social Security, Medicare and other government health care programs – and his regulatory reforms – especially in the area of health care – constitute a broad and powerful economic agenda. Because of John McCain’s experience working with the American people in all walks of life, with members of Congress on both sides of the aisle, and with leaders around the world, we are optimistic that these plans will become a reality and will create jobs and restore confidence and strong economic growth. Economists Who Have Signed The Statement: Burton Abrams, University of Delaware James D. Adams, Rensselaer Polytechnic Institute Douglas K. Adie, Ohio University Richard Agnello, University of Delaware William Albrecht, University of Iowa Constantine Alexandrakis, University of Massachusetts at Dartmouth William Alpert, University of Connecticut Wayne Angell, Former Fed Governor Fernando E. Alvarez, University of Chicago Geoffrey T. Andron, Austin Community College George R. Averitt, Purdue University North Central Charles Baird, California State University, East Bay Howard Beales, George W ashington University Stacie E. Beck, University of Delaware Gary Becker, University of Chicago Donald Bellante, University of South Florida Daniel K. Benjamin, Clemson University John J. Bethune, Barton CollegeSanjai Bhagat, University of Colorado Andrew G. Biggs, American Enterprise Institute Robert G. Bise, Orange Coast College Michael K. Block, University of Arizona Donald Booth, Chapman University Karl J. Borden, University of Nebraska Michael Bordo, Rutgers University George H. Borts, Brown University Mich ael Boskin, Stanford University Daniel P. Brandt III, Washington, D.C. Ike Brannon, Department of the Treasury David P. Brown, University of Wisconsin-Madison Jeff Brown, University of Illinois at Urbana-Champaign Joseph Brusuelas, Merk Investments Phillip J. Bryson, Brigham Young University Andrzej Brzeski, University of California, Davis James Buchanan, George Mason University Todd Buchholz, Two Oceans Management Richard Burdekin, Claremont McKenna College Richard V. Burkhauser, Cornell University James B. Burnham, Duquesne University Andr ew B. Busch, BMO Capital Markets James L. Butkiewicz, University of Delaware Mark Calabria, United States Senate James Carter, Vienna, VA Don Chance, Louisiana State University Barry R. Chiswick, University of Illinois at Chicago Bhagwan Chowdhry, UCLA Richard Clarida, Columbia University Candice Clark, Economic consultant Kenneth W. Clarkson, University of Miami Warren Coats, IMF, retired John Cogan, Hoover Institution Boyd D. Collier, Tarleton State University Michael Connolly, University of Miami Kathleen B. Cooper, Southern Methodist University Joshua Coval, Harvard University Ted Covey, McLean, Virginia Nicole Crain, Lafayette College W. Mark Crain, Lafayette College Dan Crippen, Former CBO Director Thomas D. Crocker, University of Wyoming Robert L. Crouch, University of California, Santa Barbara Mario J. Crucini, Vanderbilt University Ward S. Curran, Trinity College Coldwell Daniel III, The University of Memphis Antony Davies, Duquesne University Steven Davis, University of Chicago Clarence R. Deitsch, Ball State University Richard DeKaser, National City Corporation Stephen J. Dempsey, University of Vermont Christopher DeMuth, American Enterprise Institute David B.H. Denoon, New York University William G. Dewald, Ohio State University Arthur M. Diamond Jr., University of Nebraska at Omaha John Diamond, Rice University David L. Dickinson, Appalachian State University Francis X. Diebold, University of Pennsylvania Jeffrey H. Dorfman, University of Georgia Thomas J. Duesterberg, Manufacturers Alliance/MAPI Parnell Duverger, Broward Community College Isaac Ehrlich, SUNY at Buf falo Martin Eichenbaum, Northwestern University Jeffrey A. Eisenach, Criterion Economics Michael A. Ellis, Kent State University Joachim G. Elterich, University of Delaware Kenneth Elzinga, University of Virginia Stephen J. Entin, Institute for Research on the Economics of Taxation T.W. Epps, University of Virginia Michael G. Erickson, The College of Idaho Paul Evans, Ohio State University Dino Falaschetti, Hoover Institution Frank Falero Jr., California State University Susan K. Feigenbaum, University of Missouri, St. Louis Martin Feldstei n, Harvard University Eric Fisher, California Polytechnic State University Arthur A “Trey” Fleisher III, Metro State College of Denver James Forcier, University of San Francisco William F. Ford, Middle Tenn. State U. Michele Fratianni, Indiana University Luke Froeb, Vanderbilt University Kenneth C. Froewiss, NYU Stern School of Business Diana Furchtgott-Roth, Hudson Institute Timothy S. Fuerst, Bowling Green State University Lowell Gallaway, Ohio University B Delworth Gardner, Brigham Young University Dave Garthoff, The University of Akron Ilhan K. Geckil, Anderson Economic Group Rick Geddes, Cornell University Joseph A. Giacalone, St. John’s University Adam Gifford, California State University, Northridge David Gillette, Truman State University Micha Gisser, University of New Mexico Amy Jocelyn Glass, Texas A&M University Charles J. Goetz, The University of Virginia Claudio Gonzalez-Vega, The Ohio State University Lawrence Goodman, Bergen City, NJ Barry K. Goodwin, North Carolina State University Eric S. Graber, Independent Economist Douglas H. Graham, The Ohio State University J. Edward Graham, University of North Carolina Wilmington Phil Gramm, Former U.S. Senator Teresa Beckham Gramm, Rhodes College Wendy Lee Gramm William B. Green, Sam Houston State University Kenneth Greene, Binghamton University Paul Gregory, University of Houston Earl Grinols, Baylor University Gary Hansen, UCLA Eric Hanushek, Hoover Institution Stephen Happel, Arizona State University James E. Hartley, Mount Holyoke College Kevin Hassett, American Enterprise Institute Joel W. Hay, University of Southern California Jared E. Hazleton, Texecon: A Texas Economic Consulting Firm Charles E. Hegji, Auburn University Montgomery Robert H. Heidt, Indiana University School of Law Harold M. Hochman, CUNY Graduate Center and Lafayette College Robert J. Hodrick, Columbia Business School Stuart G. Hoffman, The PNC Financial Services Group Arlene Holen, Washington, D.C. Mac R. Holmes, Troy University Douglas Holtz-Eakin, John McCain 2008 C. Thomas Howard, University of Denver E. Philip Howrey, University of Michigan Glenn Hubbard, Columbia University James L. Huffman, Lewis & Clark Law School J. Christopher Hughen, University of Denver E. Kingdon Hurlock, Calvert Investment Counsel Stephen L. Jackstadt, University of Alaska, Anchorage Joseph M. Jadlow, Oklahoma State University Sherry L Jarrell, Wake Forest University Michael C. Jensen, Harvard Business School Dennis A. Johnson, University of South Dakota Shane A. Johnson, Texas A&M University Richard Just, University of Maryland Tim Kane, Washington, D.C. Steven Kaplan, University of Chicago Graduate School of Business Alexander Katkov, Johnson and Wales University Melissa Kearney, University of Maryland Joe Kennedy, Arlington, Virginia Lawrence W. Kenny, University of Florida Calvin A. Kent, Marshall University E. Han Kim, University of Michigan Robert G. King, Boston University Paul R. Koch, Olivet Nazarene University Meir Kohn, Dartmouth College James W. Kolari, Texas A&M University Roger C. Kormendi, Kormendi/Gardner Partners Marvin Kosters, American Enterprise Institute Robert Krol, California State University, Northridge Anne Krueger, Johns Hopkins University Deepak Lal, University of Cal ifornia, Los Angeles Douglas Lamdin, The University of Maryland, Baltimore County Daniel L Landau, University of Connecticut Richard La Near, Missouri Southern State University Nicholas A. Lash, Loyola University Don R. Leet, California State University, Fresno Norman B. Lefton, Southern Illinois University at Edwardsville Tom Lehman, Indiana Wesleyan University Thomas M. Lenard, Technology Policy Institute Noreen E. Lephardt, Marquette University Adam Lerrick, Carnegie Mellon University and the American Enterprise Institute Philip I. Levy, American Enterprise Institute W. Cris Lewis, Utah State University Andrew Light, Liberty University Jane Lillydahl, University of Colorado at Boulder Zheng Liu, Emory University Luis Locay, University of Miami John R. Lott Jr., University of Maryland Lawrence W. Lovik, Alabama Policy Institute Robert Lucas, University of Chicago John Lunn, Hope College R. Ashley Lyman, University of Idaho Paul W. MacAvoy, Yale School of Management Glenn MacDonald, Washington University in St. Louis John Makin, American Enterprise Institute Burton Malkiel, Princeton University David Malpass, Encima Global LLC Michael Marlow, California Polytechnic State University Donald J. Marshall, Consulting Engineer and Economist Aparna Mathur, American Enterprise Institute Timothy Matthews, Kennesaw State University John Matsusaka, University of Southern California Bennett McCallum, Carnegie Mellon University Paul W. McCracken, University of Michigan Martin C. McGuire, University of California-Irvine W. Douglas McMillin, Louisiana State University Roger Meiners, University of Texas - Arlington Will Melick, Kenyon College Allan Meltzer, Ca rnegie Mellon University John Merrifield, University of Texas at San Antonio Paul Merski, Independent Community Bankers of America Jim Mietus, Great Falls, VA Todd Milbourn, Washington University in St. Louis Geoffrey P. Miller, New York University Law School James Miller, George Mason University and The Hoover Institution William C. Miller, Pioneer Analytics LLC David E. Mills, University of Virginia Velma Montoya, National Council of Hispanic Women Michael Moore, George Washington University Charles Britt Moss, University of Florida Robert Mundell, Columbia University Tim Muris, George Mason University David B. Mustard, University of Georgia Richard F. Muth, Emory University Anthony N. Negbenebor, Gardner-Webb University Charles Nelson, University of Washington Robert J. Newman, Louisiana State University Michael P. Niemira, International Council of Shopping Centers Tom O’Brien, University of Connecticut Lee E. Ohanian, UCLA June O’Neill, Baruch College, CUNY Steve Parente, University of Minnesota Randall Parker, East Carolina University Douglas Patterson, Virginia Tech Tim Perri, Appalachian State University Mark J. Perry, University of Michigan-Flint Tomas Philipson, University of Chicago William Poole, University of Delaware Michael E. Porter, Harvard Business School Barry Poulson, University of Colorado Boulder James Prieger, Pepperdine University R. David Ranson, H. C. Wainwrigth & Co. Economics Inc. Richard Rawlins, Missouri Southern State University Martin A. Regalia, Gaithersburg, Maryland Barrie Richardson, Centenary College Christine P. Ries, Georgia Institute of Technology Aldona Robbins, Fiscal Associates Gary Robbins, Fiscal Associates Kenneth Rogoff, Harvard University Richard Roll, UCLA Harvey Rosen, Princeton University Larry L. Ross, University of Alaska, Anchorage Robert Rossana, Wayne State University Timothy P. Roth, The University of Texas at El Paso Charles Rowley, George Mason University Paul H. Rubin, Emory University Roy Ruffin, University of Houston Gary J. Santoni, Ball State University T.R. Saving, Texas A&M University Mike Schuyler, Institute for Research on the Economics of Taxation Anna Schwartz, National B ureau of Economic Research Loren C. Scott, Louisiana State University Robert Haney Scott, California State University, Chico Carlos Seiglie, Rutgers University Richard Selden, University of Virginia John Semmens, Laissez Faire Institute Sol S. Shalit, University of Wisconsin Alan Shapiro, University of Southern California Judy Shelton William F. Shughart II, The University of Mississippi George Shultz, Hoover Institution Jerome Siebert, University of California, Berkeley John Silvia, Wachovia Chuck Skipton, University of Tampa Scott B. Smart, Indiana University Amy Smith, Former OMB Chief Economist James F. Smith, The University of North Carolina Vernon Smith, Chapman University Sean M. Snaith, University of Central Florida Douglas Southgate, Ohio State University Frank Spreng, McKendree University Beryl W. Sprinkel, Retired Stan Spurlock, Mississippi State University George J. Staller, Cornell University Craig A. Stephenson, Babson College Houston Stokes, University of Illinois at Chicago Courtenay C. Stone, Ball State University Scott Sumner , Bentley College James Sweeney, Stanford University Richard Sweeney, Georgetown University Robert Tamura, Clemson University Clifford Tan, Stanford Center for International Development John A. Tatom, Indiana State University John Taylor, Stanford University Paul Taylor, Vienna, VA Teresa Tharp, Valencia Community College Clifford F. Thies, Shenandoah University Henry Thompson, Auburn University Walter N. Thurman, North Carolina State University Jerry G. Thursby, Georgia Institute of Technology Robert D Tollison, Clemson University William N. Trumbull, West Virginia University Kamal Upadhyaya, University of New Haven Charles W. Upton, Kent State University Peter J Van Blokland, University of Florida T. Norman Van Cott, Ball State University Richard Vedder, American Enterprise Institute George J. Viksnins, Georgetown University J. Antonio Villamil, The Washington Economics Group Richard E. Wagner, George Mason University William B. Walstad, University of Nebraska-Lincoln Murray Weidenbaum, Washington University in St. Louis Marc D. Weidenmier, Claremont McKenna College Finis We lch, Texas A&M University James B. Whitaker, Centreville, VA John Wicks, University of Montana Wayne H. Winegarden, Arduin, Laffer & Moore Econometrics Gary Wolfram, Hillsdale College DeVo L. Yoho, Ball State University Nancy A. Yonge, Smith Center for Private Enterprise Paul J. Zak, Claremont Graduate University Mokhlis Y. Zaki, Northern Michigan University Mark Zandi, Malvern, PA Arnold Zellner, University of Chicago Kate Zhou, University of Hawaii Joseph Zoric, Franciscan University of Steubenville Benjamin Zycher, Manhattan Institute for Policy Research