Economists to President Obama: Stop the spending

Earlier today, House Minority Leader John Boehner (R-OH) released a list of 222 economists who believe that getting federal spending under control is the only way to create jobs and return America to economic prosperity.  Contrary to President Obama and his supporters, these economists believe that additional stimulus spending can only further America’s economic woes. 

The statement supported by 222 economists from across the country reads:

The country’s economic future depends on Congress’ ability to rein in the growth of federal spending. Failing to restrict spending growth will further balloon the national debt, impede economic growth, and threaten the long-term economic health of our Nation.  Controlling spending growth to reverse our dangerous debt accumulation can be done without endangering the near-term economic recovery, and will prove beneficial over the longer horizon.

The 2009 near-term “stimulus” has proven to be an inefficient spur to job creation and does not merit repeating.  Any further policy efforts should be focused on opening borders to free trade, cutting burdensome regulations, and providing necessary tax relief to employers and employees.

Leader Boehner compiled the list of economists in response to a challenge issued by President Obama at a meeting last week after Republicans objected to proposed federal spending increases.  In a statement, Boehner said:

It’s not just the American people who want Washington’s runaway spending to stop, but also serious economists.  This distinguished group believes that our future depends on getting spending under control, and that the trillion-dollar ‘stimulus’ should not be repeated… It’s time to stop the reckless spending spree that is being piled on our kids and grandkids and start working together on common-sense solutions to reduce federal spending

These economists reject Mr. Obama’s plan to “spend our way out of this recession.”  They reject his proposed second stimulus bill.  Like many Americans, they believe in fiscal responsibility.  They understand that the only way to restore jobs in America is to first rein in runaway government spending and the waste that goes along with it.  Instead of throwing more taxpayer money at the problem that $787 billion could not fix, President Obama should listen to the 222 economists who urge him to restrain federal spending and allow the free market system to operate.