Op-Ed: Economists Have a Message About Biden’s Economic Policies

This article originally appeared in Real Clear Markets on April 13, 2023

On Thursday, I joined with 434 economists from universities, think tanks, and businesses across the country to convey a message to the American people: “We urge Congress to reject President Biden’s irresponsible budget proposal and work together to address the country’s short-term needs while also committing itself to taking steps toward reducing the federal government’s unsustainable and dangerous fiscal imbalances.”

Our open letter to House Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer, printed below in its entirety and signed by some of the country’s most prominent economic theorists and practitioners, laments the “anti-growth tax increases and unsustainable budget deficits put forward by the Biden Administration.” It warns that President Biden’s fiscal year 2024 budget proposal doubles down on the disastrous policies that led 41% of Americans to say they are now worse off economically than they were two years ago.

The Biden Administration believes the solution to America’s economic woes is more federal spending and higher taxes. Having increased federal spending by nearly $5 trillion in its first two years, the Biden Administration now proposes additional tax and spending increases totaling $4.7 trillion and $1.9 trillion, respectively.

We reject that demonstrably flawed approach. Moreover, according to a recent national survey conducted by pollster Scott Rasmussen, the American people overwhelmingly agree with us. The survey found that 76% of Americans believe the federal “government spends too much.” Only 17% believe the government “doesn’t receive enough money.”

Read full op-ed in Real Clear Markets