Leading economists say Kerry bad for U.S.

Oct. 13, 2004 at 8:12 PM
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WASHINGTON, Oct. 13 (UPI) -- A group of economists Wednesday accused Democratic presidential candidate John F. Kerry of advocating policies that would lower the U.S. standard of living.

In an open letter released by the Bush campaign, the 368 economists said they oppose some of Kerry's economic policies, including what they said are his reluctance to lower trade barriers, calls for tax increases, and new federal spending proposals. The economists also attacked what they called his denial of the need for entitlement reform.

The group included Nobel laureates Gary Becker, James Buchanan, Milton Friedman, Robert Lucas, Robert Mundell and Edward Prescott.

In their letter, the economists said Kerry's policies would, over time, "inhibit capital formation, depress productivity growth, and make the United States less competitive internationally."

They said the end result would be lower U.S. employment and real wage growth."

"All in all," the economists said, "Kerry favors economic policies that, if implemented, would lead to bigger and more intrusive government and a lower standard of living for the American people."

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