Last December, before Mitt Romney captured the Republican nomination for president, the Associated Press surveyed over 400 of America’s leading economists about their opinion of his economic plans. At that point, there were still several candidates in the ongoing Republican primary, so this “survey” was likely an attempt to stir up division among the Republican rank and file. The results showed that by 2 to 1, America’s economists favored Romney’s ideas.
Now the survey is public knowledge, and the AP is stuck with the results. America’s economists believe that Barack Obama’s policies are killing America.
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This is what the economists said about the Romney approach: “We enthusiastically endorse Governor Mitt Romney’s economic plan to create jobs and restore economic growth while returning America to its tradition of economic freedom. The plan is based on proven principles: a more contained and less intrusive federal government, a greater reliance on the private sector, a broad expansion of opportunity without government favors for special interests, and respect for the rule of law including the decision-making authority of states and localities.”
These are the highlights of the report constructed from the respondents’ comments. As complied by National Review online, the Romney plan would do the following:
“Reduce marginal tax rates on business and wage incomes and broaden the tax base to increase investment, jobs, and living standards.
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“End the exploding federal debt by controlling the growth of spending so federal spending does not exceed 20 percent of the economy.
“Restructure regulation to end “too big to fail,” improve credit availability to entrepreneurs and small businesses, and increase regulatory accountability, and ensure that all regulations pass rigorous benefit-cost tests.
“Improve our Social Security and Medicare programs by reducing their growth to sustainable levels, ensuring their viability over the long term, and protecting those in or near retirement.
“Reform our healthcare system to harness market forces and thereby reduce costs and increase quality, empowering patients and doctors, rather than the federal bureaucracy.
“Promote energy policies that increase domestic production, enlarge the use of all western hemisphere resources, encourage the use of new technologies, end wasteful subsidies, and rely more on market forces and less on government planners.
“In stark contrast, President Obama has failed to advance policies that promote economic and job growth, focusing instead on increasing the size and scope of the federal government, which increases the debt, requires large tax increases, and burdens business with many new financial and health care regulations. The result is an anemic economic recovery and high unemployment. His future plans are to double down on the failed policies, which will only prolong slow growth and high unemployment.”
Continuing, the report states the president’s plans have failed because of several factors which it cited:
“Relied on short-term “stimulus” programs, which provided little sustainable lift to the economy, and enacted and proposed significant tax increases for all Americans.
“Offered no plan to reduce federal spending and stop the growth of the debt-to-GDP ratio.
“Failed to propose Social Security reform and offered a Medicare proposal that relies on a panel of bureaucrats to set prices, quantities, and qualities of healthcare services.
“Favored a large expansion of economic regulation across many sectors, with little regard for proper cost-benefit analysis and with a disturbing degree of favoritism toward special interests.
“Enacted health care legislation that centralizes health care decisions and increases the power of the federal bureaucracy to impose one-size-fits-all solutions on patients and doctors, and creates greater incentives for waste.
“Favored expansion of one-size-fits-all federal rulemaking, with an erosion of the ability of state and local governments to make decisions appropriate for their particular circumstances.”
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