Obviously the so-called stimulus was going to get passed, because Obama owed too many favors for getting his office. but you might want to know what the country's's leading economics professors thought about it. This is a copy of the full page ad they took in the NYT and the WP:
There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy.
Notwithstanding reports that all conomists are now Keynesians and that we all upport a big increase in the burden of
government, we the undersigned do not believe that more government spending is a way to improve economic performance.
More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan’s “lost decade” in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policymakers should
focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.
—
PRESIDENT-ELECT BARACK OBAMA, JANUARY 9 , 2009
PA I D F O R B Y T H E CAT O I N S T I T U T E , WWW. CAT O . O R G
“
“
B
URTON ABRAMS, Univ. of Delaware
D
OUGLAS ADIE, Ohio University
L
EE ADKINS, Oklahoma State University
W
ILLIAM ALBRECHT, Univ. of Iowa
R
YAN AMACHER, Univ. of Texas at Arlington
J.J.A
RIAS, Georgia College & State University
H
OWARD BAETJER, JR., Towson University
C
HARLES BAIRD, California State University, East Bay
S
TACIE BECK, Univ. of Delaware
D
ON BELLANTE, Univ. of South Florida
J
AMES BENNETT, George Mason University
B
RUCE BENSON, Florida State University
S
ANJAI BHAGAT, Univ. of Colorado at Boulder
M
ARK BILS, Univ. of Rochester
A
LBERTO BISIN, New York University
W
ALTER BLOCK, Loyola University New Orleans
C
ECIL BOHANON, Ball State University
M
ICHELE BOLDRIN,Washington University in St. Louis
D
ONALD BOOTH, Chapman University
M
ICHAEL BORDO, Rutgers University
S
AMUEL BOSTAPH, Univ. of Dallas
D
ONALD BOUDREAUX, George Mason University
S
COTT BRADFORD, Brigham Young University
G
ENEVIEVE BRIAND, Eastern Washington University
I
VAN BRICK, Rutgers University
G
EORGE BROWER, Moravian College
P
HILLIP BRYSON, Brigham Young University
J
AMES BUCHANAN, Nobel laureate
R
ICHARD BURDEKIN, Claremont McKenna College
R
ICHARD BURKHAUSER, Cornell University
E
DWIN T. BURTON, Univ. of Virginia
J
IM BUTKIEWICZ, Univ. of Delaware
H
ENRY BUTLER, Northwestern University
W
ILLIAM BUTOS, Trinity College
P
ETER CALCAGNO, College of Charleston
B
RYAN CAPLAN, George Mason University
A
RT CARDEN, Rhodes College
J
AMES CARDON, Brigham Young University
D
USTIN CHAMBERS, Salisbury University
E
MILY CHAMLEE-WRIGHT, Beloit College
V.V. C
HARI, Univ. of Minnesota
B
ARRY CHISWICK, Univ. of Illinois at Chicago
L
AWRENCE CIMA, John Carroll University
J.R. C
LARK, Univ. of Tennessee at Chattanooga
G
IAN LUCA CLEMENTI, New York University
R.M
ORRIS COATS, Nicholls State University
J
OHN COCHRAN, Metropolitan State College at Denver
J
OHN COCHRANE, Univ. of Chicago
J
OHN COGAN, Hoover Institution, Stanford University
L
LOYD COHEN, George Mason University
J
OHN COLEMAN, Duke University
B
OYD COLLIER, Tarleton State University
R
OBERT COLLINGE, Univ. of Texas at San Antonio
P
ETER COLWELL, Univ. of Illinois at Urbana-Champaign
M
ICHAEL CONNOLLY, Univ. of Miami
L
EE COPPOCK, Univ. of Virginia
M
ARIO CRUCINI, Vanderbilt University
C
HRISTOPHER CULP, Univ. of Chicago
K
IRBY CUNDIFF, Northeastern State University
A
NTONY DAVIES, Duquesne University
J
OHN DAWSON, Appalachian State University
A. E
DWARD DAY, Univ. of Texas at Dallas
C
LARENCE DEITSCH, Ball State University
A
LLAN DESERPA, Arizona State University
W
ILLIAM DEWALD, Ohio State University
A
RTHUR DIAMOND, JR., Univ. of Nebraska at Omaha
J
OHN DOBRA, Univ. of Nevada, Reno
J
AMES DORN, Towson University
C
HRISTOPHER DOUGLAS, Univ. of Michigan, Flint
F
LOYD DUNCAN, Virginia Military Institute
F
RANCIS EGAN, Trinity College
J
OHN EGGER, Towson University
K
ENNETH ELZINGA, Univ. of Virginia
P
AUL EVANS, Ohio State University
F
RANK FALERO, California State University, Bakersfield
E
UGENE FAMA, Univ. of Chicago
W. K
EN FARR, Georgia College & State University
D
ANIEL FEENBERG, National Bureau
of Economic Research
H
ARTMUT FISCHER, Univ. of San Francisco
E
RIC FISHER, California State Polytechnic University
F
RED FOLDVARY, Santa Clara University
M
URRAY FRANK, Univ. of Minnesota
P
ETER FRANK,Wingate University
T
IMOTHY FUERST, Bowling Green State University
B. D
ELWORTH GARDNER, Brigham Young University
J
OHN GAREN, Univ. of Kentucky
R
ICK GEDDES, Cornell University
A
ARON GELLMAN, Northwestern University
W
ILLIAM GERDES, Clarke College
J
OSEPH GIACALONE, St. John’s University
M
ICHAEL GIBBS, Univ. of Chicago
O
TIS GILLEY, Louisiana Tech University
S
TEPHAN GOHMANN, Univ. of Louisville
R
ODOLFO GONZALEZ, San Jose State University
R
ICHARD GORDON, Penn State University
P
ETER GORDON, Univ. of Southern California
E
RNIE GOSS, Creighton University
P
AUL GREGORY, Univ. of Houston
E
ARL GRINOLS, Baylor University
D
ANIEL GROPPER, Auburn University
R.W. H
AFER, Southern Illinois University, Edwardsville
A
RTHUR HALL, Univ. of Kansas
S
TEVE HANKE, Johns Hopkins University
S
TEPHEN HAPPEL, Arizona State University
R
ICHARD HART, Miami University
T
HOMAS HAZLETT, George Mason University
F
RANK HEFNER, College of Charleston
S
COTT HEIN, Texas Tech University
R
ONALD HEINER, George Mason University
D
AVID HENDERSON, Hoover Institution,
Stanford University
R
OBERT HERREN, North Dakota State University
G
AILEN HITE, Columbia University
S
TEVEN HORWITZ, St. Lawrence University
D
ANIEL HOUSER, George Mason University
J
OHN HOWE, Univ. of Missouri, Columbia
J
EFFREY HUMMEL, San Jose State University
B
RUCE HUTCHINSON, Univ. of Tennessee at Chattanooga
B
RIAN JACOBSEN,Wisconsin Lutheran College
S
HERRY JARRELL,Wake Forest University
J
ASON JOHNSTON, Univ. of Pennsylvania
B
OYAN JOVANOVIC, New York University
J
ONATHAN KARPOFF, Univ. of Washington
B
ARRY KEATING, Univ. of Notre Dame
N
AVEEN KHANNA, Michigan State University
N
ICHOLAS KIEFER, Cornell University
D
ANIEL KLEIN, George Mason University
P
AUL KOCH, Univ. of Kansas
N
ARAYANA KOCHERLAKOTA, Univ. of Minnesota
M
AREK KOLAR, Delta College
R
OGER KOPPL, Fairleigh Dickinson University
K
ISHORE KULKARNI, Metropolitan
State College of Denver
D
EEPAK LAL, UCLA
G
EORGE LANGELETT, South Dakota State University
J
AMES LARRIVIERE, Spring Hill College
R
OBERT LAWSON, Auburn University
J
OHN LEVENDIS, Loyola University New Orleans
D
AVID LEVINE,Washington University in St. Louis
P
ETER LEWIN, Univ. of Texas at Dallas
W. C
RIS LEWIS, Utah State University
D
EAN LILLARD, Cornell University
Z
HENG LIU, Emory University
A
LAN LOCKARD, Binghampton University
E
DWARD LOPEZ, San Jose State University
J
OHN R. LOTT, Jr., Univ. of Maryland
J
OHN LUNN, Hope College
G
LENN MACDONALD,Washington
University in St. Louis
H
ENRY MANNE, George Mason University
M
ICHAEL MARLOW, California
Polytechnic State University
D
ERYL MARTIN, Tennessee Tech University
D
ALE MATCHECK, Northwood University
J
OHN MATSUSAKA, Univ. of Southern California
T
HOMAS MAYOR, Univ. of Houston
D
EIRDRE MCCLOSKEY, University of Illinois at Chicago
J
OHN MCDERMOTT, Univ. of South Carolina
J
OSEPH MCGARRITY, Univ. of Central Arkansas
R
OGER MEINERS, Univ. of Texas at Arlington
A
LLAN MELTZER, Carnegie Mellon University
J
OHN MERRIFIELD, Univ. of Texas at San Antonio
J
AMES MILLER III, George Mason University
J
EFFREY MIRON, Harvard University
T
HOMAS MOELLER, Texas Christian University
J
OHN MOORHOUSE,Wake Forest University
A
NDREA MORO, Vanderbilt University
A
NDREW MORRISS, Univ. of Illinois
at Urbana-Champaign
M
ICHAEL MUNGER, Duke University
K
EVIN MURPHY, Univ. of Southern California
D
AVID MUSTARD, Univ. of Georgia
R
ICHARD MUTH, Emory University
C
HARLES NELSON, Univ. of Washington
W
ILLIAM NISKANEN, Cato Institute
S
ETH NORTON, Wheaton College
L
EE OHANIAN, UCLA
L
YDIA ORTEGA, San Jose State University
E
VAN OSBORNE, Wright State University
R
ANDALL PARKER, East Carolina University
A
LLEN PARKMAN, Univ. of New Mexico
D
ONALD PARSONS, George Washington University
S
AM PELTZMAN, Univ. of Chicago
T
IMOTHY PERRI, Appalachian State University
M
ARK PERRY, Univ. of Michigan, Flint
C
HRISTOPHER PHELAN, Univ. of Minnesota
G
ORDON PHILLIPS, Univ. of Maryland
M
ICHAEL PIPPENGER, Univ. of Alaska, Fairbanks
T
OMASZ PISKORSKI, Columbia University
B
RENNAN PLATT, Brigham Young University
J
OSEPH POMYKALA, Towson University
W
ILLIAM POOLE, Univ. of Delaware
B
ARRY POULSON, Univ. of Colorado at Boulder
B
ENJAMIN POWELL, Suffolk University
E
DWARD PRESCOTT, Nobel laureate
G
ARY QUINLIVAN, Saint Vincent College
R
EZA RAMAZANI, Saint Michael’s College
A
DRIANO RAMPINI, Duke University
E
RIC RASMUSEN, Indiana University
M
ARIO RIZZO, New York University
N
ANCY ROBERTS, Arizona State University
R
ICHARD ROLL, UCLA
R
OBERT ROSSANA,Wayne State University
J
AMES ROUMASSET, Univ. of Hawaii at Manoa
J
OHN ROWE, Univ. of South Florida
C
HARLES ROWLEY, George Mason University
J
UAN RUBIO-RAMIREZ, Duke University
R
OY RUFFIN, Univ. of Houston
K
EVIN SALYER, Univ. of California, Davis
T
HOMAS SAVING, Texas A&M University
P
AVEL SAVOR, Univ. of Pennsylvania
R
ONALD SCHMIDT, Univ. of Rochester
C
ARLOS SEIGLIE, Rutgers University
A
LAN SHAPIRO, Univ. of Southern California
W
ILLIAM SHUGHART II, Univ. of Mississippi
C
HARLES SKIPTON, Univ. of Tampa
J
AMES SMITH,Western Carolina University
V
ERNON SMITH, Nobel laureate
L
AWRENCE SOUTHWICK, JR., Univ. at Buffalo
D
EAN STANSEL, Florida Gulf Coast University
H
OUSTON STOKES, Univ. of Illinois at Chicago
B
RIAN STROW,Western Kentucky University
S
HIRLEY SVORNY, California State
University, Northridge
J
OHN TATOM, Indiana State University
W
ADE THOMAS, State University
of New York at Oneonta
H
ENRY THOMPSON, Auburn University
A
LEX TOKAREV, The King’s College
E
DWARD TOWER, Duke University
L
EO TROY, Rutgers University
W
ILLIAM TRUMBULL,West Virginia University
D
AVID TUERCK, Suffolk University
C
HARLOTTE TWIGHT, Boise State University
K
AMAL UPADHYAYA, Univ. of New Haven
C
HARLES UPTON, Kent State University
T. N
ORMANVAN COTT, Ball State University
R
ICHARDVEDDER, Ohio University
R
ICHARDWAGNER, George Mason University
D
OUGLAS M.WALKER, College of Charleston
D
OUGLAS O.WALKER, Regent University
M
ARCWEIDENMIER, Claremont McKenna College
C
HRISTOPHERWESTLEY, Jacksonville
State University
R
OBERTWHAPLES,Wake Forest University
L
AWRENCEWHITE, Univ. of Missouri at St. Louis
W
ALTERWILLIAMS, George Mason University
D
OUGWILLS, Univ. of Washington Tacoma
D
ENNISWILSON,Western Kentucky University
G
ARYWOLFRAM, Hillsdale College
HUIZHONG ZHOU,Western Michigan University