Letter to the Editor: Economists prefer Obama

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The Economist magazine has just published the results of a survey of economists’ opinions of Barack Obama’s and John McCain’s plans for the economy. An overwhelming majority think Obama’s plan is better.

The Economist’s questionnaire to went out to all the members of the National Bureau of Economic Research, the major association of applied academic economists of all political persuasions. Of the 142 who responded, 80% say Obama has a “better grasp of economics” than McCain. 81% say Obama has better economic advisors.

Only 15% of the economists rate McCain’s overall economic plan “good” or “very good,” as opposed to 48% for Obama’s plan. 72% rate McCain’s plan “bad” or “very bad” as opposed to 20% for Obama’s plan. By about the same margin, they prefer Obama’s plan to fix the financial crisis. They prefer his tax reform plans as well.

The Economist reports that “Mr Obama scores better on nearly every issue: promoting fiscal discipline, energy policy, reducing the number of people without health insurance, controlling health-care costs, reforming financial regulation and boosting long-run economic growth. Twice as many economists think Mr. McCain’s plan would be bad or very bad for long-run growth as Mr Obama’s. Given how much focus Mr. McCain has put on his plan’s benefits for growth, this last is quite a repudiation.”

Given John McCain’s recent confession that he doesn’t know much about the economy, the economists’ assessment of his economic policy shouldn’t be surprising. What would be surprising would be if, knowing what he doesn’t know, we elect him to our highest office on November 4.

Lee Sharkey
Vienna

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