10 Nobel Laureate Economists Endorse Kerry

Ten Nobel Prize-winning economists published a letter endorsing John Kerry for president on August 25th, 2004. In their letter, the Nobel laureates draw the sharp contrast between George Bush's disastrous economic policies and the sound economics of the Kerry-Edwards economic plan.

**********

An Open Letter to the American Public

August 25, 2004

President Bush and his administration have embarked on a reckless and extreme course that endangers the long-term economic health of our nation. John Kerry understands that sound economic policy requires a substantial change in direction, and we support him for President.

The differences between President Bush and John Kerry with respect to leadership on the economy are wider than in any other Presidential election in our experience. President Bush believes that tax cuts benefiting the most-wealthy Americans are the answer to almost every economic problem. The Bush Administration’s tax cuts were poorly designed and therefore have given insufficient stimulus to job creation. The principal effect of the Bush Administration’s fiscal policies has been to turn budget surpluses into enormous budget deficits. President Bush’s fiscal irresponsibility threatens the long-term economic security and prosperity of our nation. At a time when our nation should be saving for the future, to pay the Medicare and Social Security benefits for the baby boomers, our national debt is swelling; the social contract that binds one generation to another is being threatened with unraveling. Increased borrowing from abroad–now almost five percent of our GDP–leaves our country, our economy and global stability increasingly vulnerable to changes in sentiments of foreign, or even domestic, investors. At the same time, his policies have exacerbated income inequality, failed to address the real wage declines and rising health care costs beleaguering American families, and ignored the need for critical investments to spur long-term growth.

John Kerry will chart a different course. We believe that he will restore fiscal responsibility. He is committed to making key investments in human capital, such as helping families meet the cost of higher education. He has a proposal that will address the problem of rising health care costs. We believe that he has both the ability and the commitment to work with our allies and trading partners to promote global growth that lifts up workers around the world.

John Kerry is our choice for America’s next President. We hope that you will join us.

Signed by the following recipients of the Nobel Prize in Economics:

George A. Akerlof
University of California at Berkeley
2001

Kenneth J. Arrow
Stanford University
1972

Daniel Kahneman
Princeton University
2002

Lawrence R. Klein
University of Pennsylvania
1980

Daniel L. McFadden
University of California at Berkeley
2000

Douglass C. North
Washington University St. Louis
1993

Paul A. Samuelson
MIT
1970

William F. Sharpe
Stanford University
1990

Robert M. Solow
MIT
1987

Joseph E. Stiglitz
Columbia University
2001

The views expressed in this letter represent those of the signers acting as individual citizens. They do not necessarily represent the views of the institutions with which they are affiliated.