20 October 2008

Economists For McCain

There's lots of 'em. I wish I had more time to opine and generally fill in with some commentary and observations, but I don't. Be sure to read through both the statements for John McCain and against Barack Obama's (Guitar Hero*) economic plan.

Here's an excerpt from the official McCain press release:
ARLINGTON, VA -- Today, McCain-Palin 2008 released the following statement signed by 100 distinguished and experienced economists at major American universities and research organizations, including five Nobel Prize winners Gary Becker, James Buchanan, Robert Mundell, Edward Prescott, and Vernon Smith. The economists explain why Barack Obama's proposals, including "misguided tax hikes," would "decrease the number of jobs in America." The prospects of such tax rate increases under Barack Obama are already harming the economy. The economists conclude that "Barack Obama's economic proposals are wrong for the American economy." The proposals "defy both economic reason and economic experience."
From the statement in favor of McCain's economic plan:
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.
And finally, from the statement opposing Obama's plan:
Barack Obama argues that his proposals to raise tax rates and halt international trade agreements would benefit the American economy. They would do nothing of the sort. Economic analysis and historical experience show that they would do the opposite. They would reduce economic growth and decrease the number of jobs in America. Moreover, with the credit crunch, the housing slump, and high energy prices weakening the U.S. economy, his proposals run a high risk of throwing the economy into a deep recession. It was exactly such misguided tax hikes and protectionism, enacted when the U.S. economy was weak in the early 1930s, that greatly increased the severity of the Great Depression.

We are very concerned with Barack Obama's opposition to trade agreements such as the pending one with Colombia, the new one with Central America, or the established one with Canada and Mexico. Exports from the United States to other countries create jobs for Americans. Imports make goods available to Americans at lower prices and are a particular benefit to families and individuals with low incomes. International trade is also a powerful source of strength in a weak economy. In the second quarter of this year, for example, increased international trade did far more to stimulate the U.S. economy than the federal government's "stimulus" package.

Ironically, rather than supporting international trade, Barack Obama is now proposing yet another so-called stimulus package, which would do very little to grow the economy. And his proposal to finance the package with higher taxes on oil would raise oil prices directly and by reducing exploration and production.
Briefly on Obama's opposition to free trade. Whatever you think about his primary rhetoric, he has done nothing to push through the aforementioned trade agreement with Colombia or one with South Korea.

I am a free trader. If asked for my solution to the current economic crisis, beyond what's already been done (some good, a lot bad), I would push through the current negotiated agreements with Colombia and South Korea and try and complete the Pacific Rim agreement currently under negotiation. Additionally, I would cut capital gains taxes.

Obama's opposition to free trade is a deal breaker for me. Another one. In addition to all the other ones.

*Over-the-top performance, no real skill or experience.

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