John Boehner 8TH DISCTRICT OF OHIO

Congressman John Boehner (R-West Chester) today released a list of 222 economists across the country that support getting runaway federal spending under control -- rather than adding more “stimulus” spending, as advocated by President Obama -- in order to help create jobs and get the economy back on track. The list of economists was compiled in response to a challenge President Obama issued at a White House meeting last week on the economy and job creation after Republicans objected to massive federal spending increases, including a 12 percent hike in discretionary spending in the omnibus appropriations bill that the President signed into law yesterday.

            “It’s not just the American people who want Washington’s runaway spending to stop, but also serious economists,” Boehner said. “This distinguished group believes that our future depends on getting spending under control, and that the trillion-dollar ‘stimulus’ should not be repeated.  The President and his economic team need to understand that Carter-era policies of more spending, debt, taxes, and regulation are a recipe for economic ruin.  It’s time to stop the reckless spending spree that is being piled on our kids and grandkids and start working together on common-sense solutions to reduce federal spending.”

            Below is the statement supported by 222 economists representing a range of respected institutions, including Harvard University, University of Chicago, Columbia University, and Georgetown University:

            The country’s economic future depends on Congress’ ability to rein in the growth of federal spending.  Failing to restrict spending growth will further balloon the national debt, impede economic growth, and threaten the long-term economic health of our Nation.  Controlling spending growth to reverse our dangerous debt accumulation can be done without endangering the near-term economic recovery, and will prove beneficial over the longer horizon.

            The 2009 near-term “stimulus” has proven to be an inefficient spur to job creation and does not merit repeating.  Any further policy efforts should be focused on opening borders to free trade, cutting burdensome regulations, and providing necessary tax relief to employers and employees.

            NOTE: Congress recently passed a $450 billion FY 2010 omnibus appropriations bill that increases discretionary spending by 12 percent over last year’s levels.   Earlier this year, Congress passed a FY 2009 omnibus spending bill that included an 8.3 percent spending increase over FY 2008. Furthermore, the President’s FY 2010 Budget included significant spending increases that would double the debt in five years and triple it in ten years. 

###