Nobel economists back John Kerry
Democratic presidential nominee wins endorsement of 10 Nobel Prize-winning
economists.
August 25, 2004
PHILADELPHIA (Reuters) - John Kerry won the endorsement of 10 Nobel
Prize-winning economists on Wednesday as he attacked President Bush for
policies that he said have led to the creation of only low-paying jobs.
The Democratic presidential nominee released a letter from the economists
saying the Bush administration had "embarked on a reckless and extreme
course that endangers the long-term economic health of our nation.''
They cited "poorly designed'' tax cuts that, instead of creating jobs, have
turned budget surpluses into enormous budget deficits. A "fiscal
irresponsibility threatens the long-term economic security and prosperity of
our nation,'' they concluded.
The endorsement, in the form of an open letter to American voters, was
signed by George Akerlof and Daniel McFadden of the University of California
at Berkeley, Kenneth Arrow and William Sharpe of Stanford University, Daniel
Kahneman of Princeton University, Lawrence Klein of the University of
Pennsylvania, Douglass North of Washington University, Paul Samuelson and
Robert Solow of MIT and Joseph Stiglitz of Columbia University.
Kerry, in remarks prepared for an appearance in Philadelphia, called for
"jobs that don't just let you survive but let you get ahead. Jobs that let
you pay your bills, send your kids to college, buy a house, save a little
for retirement and go out to dinner or a movie every once in a while.''
Now, he said, good jobs are being replaced "with ones that just don't pay
the bills,'' citing 1.8 million private-sector jobs that have been lost and
replaced by ones that pay $9,000 less and are more likely to be temporary
and less likely to offer health insurance.
http://money.cnn.com/2004/08/25/news/economy/kerry_economists.reut/index.htm
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