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Media

Are Economists Breaking for Romney?

Sep. 12, 2012 8:31pm

Arguably the central issue of the 2012 election cycle is the question of which candidate will end up being a superior choice for the country’s economic future.

So it’s odd that despite the avalanche of data that both sides frequently will use to pummel each other, very few people have tried surveying professional economists to hear their take on the subject. This omission is especially notable, given that in the 2008 election cycle, economists broke for Obama by the astonishing margin of 66%. Given the media’s general mildly leftward bias, you would think they would want to return to a group that relevant and with that sort of record.

However, that is the opposite of what’s happened. Why? Because economists may actually be breaking the other way this election cycle. One sees this possibility by comparing two groups – the newly formed “Economists for Romney” and their original counterparts, “Economists for Obama.”

Economists for Romney Group Vastly Outstrips Economists for Obama

Republican presidential candidate and former Massachusetts Gov. Mitt Romney steps off his campaign charter plane as he arrives at Dulles International Airport in Sterling, Va., Wednesday, Sept. 12, 2012. (Credit: AP)

First, consider the Economists for Romney website. No less than 649 economists agree with Romney’s plan, a figure which includes 6 Nobel Laureates, and announced just last week that it has representatives in all 50 states. Nor are these economists concentrated in schools that lefty writers can scoff at – no less than 9 of the economists on the list come from Harvard alone, 8 from Stanford and one each from the Massachusetts Institute of Technology and Princeton. Faced with this cavalcade of support, Leftists have resorted to one or two responses – they either complain about the priorities of economists generally, or try to attack these economists in particular. Matt Yglesias at Slate provides a good example of the former reaction:

Lots of economists believe that low marginal tax rates are extremely important to human flourishing, and even though there’s a lot that’s unclear in the 2012 campaign it’s perfectly obvious that a Romney administration will deliver lower marginal tax rates than an Obama administration. So it’s no surprise to see that there are lots of Economists for Romney out with a hot new website.[...]

Romney is definitely the candidate of lower tax rates, most likely the candidate of lower aggregate federal spending, definitely the candidate who’s more enthusiastic about cutting Social Security and Medicare benefits, and unquestionably the candidate whose approach to health care won’t be marred by concern for the poor, and the proponent of an energy policy that’s indifferent to pollution or climate change. Whether all things considered that makes him the better candidate is for the people to decide.

While Pavlina Tcherneva of Naked Capitalism provides a good example of the latter:

Presidential hopeful Mitt Romney boasts support from the scientific community for his supply-side trickle-down economic proposal. It is outlined here, along with the list of economists endorsing the plan.

Several Nobel Prize winners grace the top of the list. Here is a quick look at some of these luminaries and their contributions to some of the most pressing problems of our time.[...]

Gary Becker is the economist who developed a pricing model for kidneys and other human organs. Since efficient markets solve all problems—economic or social—monetizing organ donation, in this economist’s view, makes perfect sense. He is better known for his theory on human capital investment. One extension of this work deals with the question of child-rearing. According to Becker, parents choose to have children because they fear that their retirement portfolios are inadequate to support them in their old age…hence, the kids. Some parents opt to have a few “high-quality kids”, while others – many “low quality kids”, depending on the family’s time preference. I am not joking and these are not my words; they are his. This theory has given birth to the “rotten-kid theorem”, which says that because of these financial incentives, parents are “altruistic” even (even?!) towards their spoiled-rotten and selfish kids, because they are essentially trying to maximize their own return. In sum, according to Becker, all social, economic, environmental, health, and other problems can be solved if all human activity is monetized and financial incentives are ‘properly aligned’.

However, beyond this anti-scientific assault on unfriendly academics, there appears to be little for Obama supporters to say. Why? Because the website for “economists for Obama” is now defunct. Not only that, but its last post is almost poetic in its irony:

I suppose I might change my mind, but after watching the President give in to the Boehner-McConnell blackmail axis, I don’t imagine I’ll be spending much of my time advocating his re-election. Assuming he’s the Democratic nominee, which I do, I’ll vote for Obama, because the alternative will still–somehow–be worse. But I really can’t see how, in good conscience, I could defend the economic policies of a guy who has signed on to fiscal contraction in the midst of a major downturn. And that’s leaving aside the President’s apparent lack of understanding of the importance of bargaining from strength. So much for all that poker expertise he’s supposed to have.

So even the economists who signed onto support Obama apparently believe he’s inadequate to the job and may only support him as a lesser of two evils calculation. With that case compared with Romney’s, it’s not difficult to see how Republicans might be winning more of the professional economist vote in 2012.

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Comments (67)

  • calmandcents
    Posted on September 13, 2012 at 6:41pm

    Come on folks. We are all economists. Hey, even my neighbor’s 4 year old knows you can’t spend what you don’t have. Rocket science? Now I would agree that economists are a bit nerdy, but it takes a high degree of idiocy or evil to believe that we can spend our way out of a recession. How many more years are we going to endure this illness?

    These are the greater issues confronting Romney. Hopefully, he is up for the task.

    Report this comment

    calmandcents  
  • nbarendt
    Posted on September 13, 2012 at 11:42am

    For Madeshi:

    Romeny is not the richest person to run for president. Have you seen the article in Forbes magazine?

    Quote: How Romney Would Rank Among The Richest U.S. Presidents?

    Today’s release of Mitt Romney’ tax return information for 2010 and 2011 makes clear that if he becomes President of the United States, he would be among the richest individuals to hold that office.
    But not the richest.

    You see it says the magic word “AMONG” not the richest. http://www.forbes.com/sites/williampbarrett/2012/01/24/how-romney-would-rank-among-the-richest-u-s-presidents/

    Report this comment

    nbarendt  
  • The Third Archon
    Posted on September 13, 2012 at 10:51am

    “ARE ECONOMISTS BREAKING FOR ROMNEY?”
    You mean the people who are employed predominately by capitalists? The people whose JOB it is to make the case for capitalism, and make it run to the maximum effectiveness for the people it was intended to run for–i.e. capitalists? You mean the people whose occupation, by and large, is about making as much money as possible from the system, without even the slightest thought for HOW the system allows them to do this, or WHAT the consequences of using it in this way might be? You mean THOSE people?

    Oh, well of COURSE they’d shill for a capitalist pro-capitalist.

    Report this comment

    The Third Archon  
  • Individualism
    Posted on September 13, 2012 at 8:22am

    Keynsian economists are not economists, there liars and scammers. don’t listen to them. what about the free market ones.

    Report this comment

    Individualism  
  • jackact
    Posted on September 13, 2012 at 7:59am

    Yes, except for ‘alleged’ economist commie Krugman.
    :)

    Report this comment

    jackact  
  • lizaz
    Posted on September 13, 2012 at 1:05am

    We need a PRESIDENT!!!

    Report this comment

    lizaz  
  • DOra Glasberg
    Posted on September 12, 2012 at 11:24pm

    I doubt any of those economists are Democrats

    Report this comment

    DOra Glasberg  
  • Nanaswords
    Posted on September 12, 2012 at 11:02pm

    What ever Mitt Romney does as President….,will Not be as distructive to our country as this present administration in the W.H. has DELIBERTLY been doing to us the last 4 yrs. !!! Most Americans by now know that our current pres. has flim-flammed his way into the w.h. and continues to dance around his Tired…replayed speeches !!!!!!!!.The left-progressives have been revealed in all their ugly tricks !!!!!!! Romney/Ryan for nov. 2012

    Report this comment

    Nanaswords  
    • CatB
      Posted on September 12, 2012 at 11:42pm

      Amen … Obama’s plan .. print more money.

      Report this comment

      CatB  
    • VoteBushIn12
      Posted on September 13, 2012 at 12:07am

      And I quote:
      “Several independent economists concluded that Obama’s plan would provide a significant lift to the job market in 2012-2013… The AJA was filibustered by Senate Republicans, and the Republican-controlled House of Representatives likewise prevented the bill from coming to a vote. …”
      AND
      “Obama’s proposals to boost job creation are convincing, whereas Romney’s proposals would have little or no effect – and some could even make matters worse. Voters need to know the difference. ”

      http://economistsview.typepad.com/economistsview/2012/07/obama-versus-romney-on-jobs.html

      You can find 669 economists that agree. My best is the other 15,000 don’t.
      http://www.bls.gov/ooh/Life-Physical-and-Social-Science/Economists.htm

      Tell me more, please. I find this enjoyable.

      Report this comment

      VoteBushIn12  
    • MadAsHeII
      Posted on September 13, 2012 at 1:22am

      This is all you guys on The Blaze do is compare to Obama. My God! Romney’s Budget Plan: http://www.fox19.com/story/17096680/reality-check-fact-checking-mitt-romneys-budget-plan

      You see, Mitt Romney is the richest man to EVER run for President. Do you really think that he is for you? He is not going to do anything that hurts him or his friends in the upper echelons of his society. If you believe he is, you are not being honest with yourself. Both Parties at the conventions this year messed up totally. They did not understand the technology of the day, and they left themselves vulnerable to being exposed for what they a=have become, and now they ar hoping that people will not notice, which you are not, and you should. Both parties, because they wer video taped, ignored the will of the people to push through what they wanted!!!! If we do not respond, they will figure they can continue without any repercussions. Are you all willing to give them that kind of power? If you are, you are asking for socialism. Get MADASHEII: http://www.youtube.com/watch?v=dib2-HBsF08&feature=player_embedded The ONLY way we will ever be free again, is to fire both parties, at least for one election, and show them that they better get their acts together. We will be better for it.

      Report this comment

      MadAsHeII  
    • Individualism
      Posted on September 13, 2012 at 8:23am

      so what the president is doing is more destructive than world war 3?

      Report this comment

      Individualism  
  • RFlagg
    Posted on September 12, 2012 at 10:43pm

    This article on the Blaze actually says

    “Given the media’s general mildly leftward bias… ”

    Is there anyone in charge here? Who’s running this place? “Mildly leftward bias”?!

    Can we get some serious writers for this site please?

    If that was meant as supreme sarcasm, it would be acceptable. But it sure reads as if this author actually said that with a straight face.

    Report this comment

    RFlagg  
  • deerjerkydave
    Posted on September 12, 2012 at 9:55pm

    I loved Ronald Reagan’s line: “A friend of mine was asked to a costume ball a short time ago. He slapped some egg on his face and went as a liberal economist.”

    Report this comment

    deerjerkydave  
  • ambrosia
    Posted on September 12, 2012 at 9:10pm

    I dare
    George Snuffaloppaloser to invite
    any one of these 649 economists on ABC’s “This Week” Sunday Libfest.
    Put one on the panel
    with that little marsupial mutt, Paul Krugman
    and let’s watch him
    chase his tail…..once again.

    Report this comment

    ambrosia  
    • CatB
      Posted on September 12, 2012 at 10:07pm

      ooooo … I would watch that.

      Report this comment

      CatB  
    • bigdaddyt46
      Posted on September 13, 2012 at 4:03am

      and i would up that with adding Niall Ferguson to one of the remaining empty chairs. the looney tooney left would be silenced quick and often.

      evil laugh inseted here:

      MUAAAAAAAAAAHAHAHAHAHA

      Report this comment

      bigdaddyt46  
  • Bernice Durdan-Rowland
    Posted on September 12, 2012 at 9:08pm

    There is a big difference between Obama and Romney – - – Obama has his own values since growing up in the atmosphere of Communism and Marxist thinking – having a mentor like Frank Marshall Davis, a card carrying Communist – not our values in America under our Constitution.

    Romney has our values – born and educated in America under our Constitution !!!!!!!
    We know Romney’s family, we know he was born and raised in America, we know how successful he has been in business -we know what colleges he attended. We also now know how much he has given to charity without expecting any recognition!

    Report this comment

    Bernice Durdan-Rowland  
  • grayling646
    Posted on September 12, 2012 at 9:08pm

    There used to be a bill board in my area that read:

    If you laid all the economists in the world end to end, it would be a good thing.

    Report this comment

    grayling646  
  • teddrunk
    Posted on September 12, 2012 at 9:00pm

    This was a surprise? A logical plan versus liberal lying? Sounds like a no brainer to me.

    Report this comment

    teddrunk  
    • Snowleopard {gallery of cat folks}
      Posted on September 12, 2012 at 9:05pm

      True.

      Report this comment

      Snowleopard {gallery of cat folks}  
    • survivorseed
      Posted on September 12, 2012 at 9:55pm

      Romney’s only plan will be to help those who paid at least a hundred million dollars to his campaign.

      Report this comment

      survivorseed  
    • CatB
      Posted on September 12, 2012 at 10:09pm

      Romney’s plan …

      http://www.mittromney.com/sites/default/files/shared/presidentialaccountabilityscorecard_1_1.pdf

      Report this comment

      CatB  
    • RepubliCorp
      Posted on September 12, 2012 at 10:11pm

      SURVIVORSEED and Obama is hanging out in ghetto

      Report this comment

      RepubliCorp  
    • soybomb315_II
      Posted on September 12, 2012 at 10:29pm

      @CATB
      Did you see these bullets in the plan?…..
      - Give every family access to a great school and quality teachers
      - Provide access to affordable and effective higher education options
      - Focus job training programs on building valuable skills that align with opportunities

      Is that the role of the federal government? yikes

      Report this comment

      soybomb315_II  
    • CatB
      Posted on September 12, 2012 at 10:36pm

      Yes .. get the FEDERAL government out of our schools …. and let the local parents decide what they want in education … very good idea … VOUCHERS …!!!!

      Report this comment

      CatB  
    • soybomb315_II
      Posted on September 12, 2012 at 10:40pm

      agree – i just hate seeing that in a presidential plan because thats exactly what the democrats do

      Report this comment

      soybomb315_II  
    • therealconservative
      Posted on September 12, 2012 at 10:46pm

      @soysauce

      Did you see these bullets in the plan?…..

      • Eliminate regulations destroying the coal industry
      • Approve the Keystone XL pipeline
      • Curtail the unfair trade practices of countries
      like China
      • Open new markets for American goods and services
      • Build stronger economic ties in Latin America
      • Create a Reagan Economic Zone to strengthen free
      enterprise around the world
      • Immediately reduce non-security discretionary
      spending by five percent
      • Cap federal spending below twenty percent of
      the economy
      • Give states responsibility for programs that they can
      implement more effectively
      • Consolidate agencies and align compensation
      of federal workers with their private-sector
      counterparts
      • Reduce taxes on job creation through individual and
      corporate tax reform
      • Stop the increases in regulation that are tangling job
      creators in red tape
      • Protect workers and businesses from strong-arm
      labor union tactics
      • Replace Obamacare with real health care reform
      that controls cost and improves care

      Report this comment

      therealconservative  
    • soybomb315_II
      Posted on September 12, 2012 at 10:53pm

      standard republican points – but they never follow through. But they will follow through on the things that give government more power – like education and healthcare

      I am more interested in how Romney is going to restore the Constitution, eliminate programs, end wars, flat/fair tax but he never talks about it

      Report this comment

      soybomb315_II  
    • therealconservative
      Posted on September 12, 2012 at 11:06pm

      @soysauce

      Standard liberal BS response.

      Report this comment

      therealconservative  
    • soybomb315_II
      Posted on September 12, 2012 at 11:11pm

      i guess that shows how clueless you are about liberalism

      Report this comment

      soybomb315_II  
    • therealconservative
      Posted on September 12, 2012 at 11:30pm

      @soysauce

      What it really show is that you have no clue of our Founders. You see what you what is not a return to the Constitution, but a return to the Articles of Confederation.

      Report this comment

      therealconservative  
    • DarkJello
      Posted on September 13, 2012 at 12:35am

      @soy:

      Sure, lots of Rs and Ds are liars. It is easy to find plenty of examples. Not rocket science.

      Oh, and Owebama has been president for 3.5+ years. What is his record? Economy humming?

      Report this comment

      DarkJello  
    • Individualism
      Posted on September 13, 2012 at 8:25am

      World War 3 is not a logical plan

      Report this comment

      Individualism  
  • copatriots
    Posted on September 12, 2012 at 8:51pm

    Economists? As in “blowhards”?

    Breaking? As in wind?

    You get my point.

    Report this comment

     
    • jzs
      Posted on September 12, 2012 at 9:00pm

      Pretty fascinating considering his plan lacks enough detail for any economist to judge. Even Paul Ryan says they haven’t “run the numbers.” So, seriously, what “loopholes” are they going to close to balance the budget? I suppose if you say you’re going to lower taxes even further, and then state, without specifics, that’s you’re going to balance the budget, well, I suppose some partisans might think that’s a good plan. I’m going to decrease taxes to nearly zero, and provide a budget surplus. How? Ask me after the election.

      Report this comment

      jzs  
    • copatriots
      Posted on September 12, 2012 at 9:33pm

      Speaking of Blowhards, enter JZ.

      Hey…..I have an idea…..let’s talk about the guy who is actually running the country. What is his plan? Where is his budget? How is the spending working out for the country? Maybe we should talk about his foreign policy which gets American Ambassadors killed.

      How do you actually live with yourself, JZ? Your incessant, moronic support of 0 is far beyond your intellect but likely within your pay grade.

      Report this comment

       
  • Stoic one
    Posted on September 12, 2012 at 8:51pm

    2016 – obama’s America

    Takes a large number of the puzzle pieces we know about him , and builds a cohesive picture that well frightened my wife and she LOVES Horror.

    Four more years of him will be a NIGHTMARE

    Report this comment

    Stoic one  
    • DOra Glasberg
      Posted on September 12, 2012 at 11:27pm

      If Mitt was President we’d be at war with Libya and Egypt right now.
      The deficit be damned.

      Report this comment

      DOra Glasberg  
    • Warthog Fixer
      Posted on September 13, 2012 at 10:03am

      @ Dora

      I don’t know what rock you’ve been living under for the past 10 years, but we’ve BEEN at war with these people. The boarders where the bullets are flying are not of much concern…

      Report this comment

      Warthog Fixer  
  • soybomb315_II
    Posted on September 12, 2012 at 8:49pm

    i thought all the economists were already on Romney’s side? (Krugman is not a real economist)

    Report this comment

    soybomb315_II  
    • therealconservative
      Posted on September 12, 2012 at 8:55pm

      And none for Johnson

      Report this comment

      therealconservative  
    • soybomb315_II
      Posted on September 12, 2012 at 9:06pm

      nor should they be. Economics has become a dark science filled by Keynesians

      Report this comment

      soybomb315_II  
    • therealconservative
      Posted on September 12, 2012 at 9:20pm

      Economics is a Dark Science?

      Yet you praise Ron Paul and/or Gary Johnson on their economic plan. Are they alone privy to the secrets of the ‘Dark Science’?

      Report this comment

      therealconservative  
    • justangry
      Posted on September 12, 2012 at 10:01pm

      Yeah, it’s really easy. Stop borrowing money to blow up other countries and big government agencies to harass us. Everyone knows what needs to be done, they’re just too comfortable to do anything about it. BTW, I’m not all that impressed with Johnson’s knowledge of the economy. I mean he gets it sort of, like me in simplistic terms, but the Mises people would school him and anyone else for that matter.

      His stance on gay marriage and abortion are wrong too. The appropriate response is there is nothing in the Constitution that gives the federal government any authority to say anything about either issue without a amendment. As it stands right now the Defense of Marriage Act is as unconstitutional as Obama saying gay marriage is OK. The Constitutional Party, Goode, is weak on this issue as well. How he can ignore the 9th and 10th amendments and call himself a constitutionalist is beyond me.

      Report this comment

      justangry  
    • soybomb315_II
      Posted on September 12, 2012 at 10:17pm

      @Just
      I have heard Johnson talk about how those issues should be decided by the states. Looking at his website, it is not clear because he does not specifically mention the states.

      I urge you to not stay home on election day. I have heard Rockwell’s argument but it is about the only thing i have ever disagreed with him on. We have 50 million people stay home every election but yet the tyranny continues. If we just get 5 million people to vote Johnson/Goode, the whole landscape will change

      Report this comment

      soybomb315_II  
    • therealconservative
      Posted on September 12, 2012 at 10:31pm

      @soysauce

      ” If we just get 5 million people to vote Johnson/Goode, the whole landscape will change”

      Your right, the transformation will be complete.

      Report this comment

      therealconservative  
    • therealconservative
      Posted on September 12, 2012 at 11:15pm

      @soysauce

      “I have heard Johnson talk about how those issues should be decided by the states. Looking at his website, it is not clear because he does not specifically mention the states.”

      But you whine about Romney? Show us Johnson’s plan or STFU.

      Report this comment

      therealconservative  
    • bigdaddyt46
      Posted on September 13, 2012 at 4:17am

      economists are fine fellows, and ever so pios. are they doing real science? or confirming their bios.

      F. A. Hayek

      Report this comment

      bigdaddyt46  
  • justangry
    Posted on September 12, 2012 at 8:48pm

    The illusion of choice. There’s no substantial difference between the two men. Someone wake me up from this nightmare.

    Report this comment

    justangry  
  • dmerwin
    Posted on September 12, 2012 at 8:43pm

    Pretty powerful firepower, IF the media covers it. Conservatives need to make the media cover it by saying things like “6 Nobel winning economists prefer my plan and …”

    Report this comment

    dmerwin  
  • wisehiney
    Posted on September 12, 2012 at 8:39pm

    Even fools become frightened.

    Report this comment

    wisehiney  
  • Laus Deo
    Posted on September 12, 2012 at 8:39pm

    I don’t like the idea of my Flag under any man’s foot. Anyone else see and think the same?

    Report this comment

    Laus Deo  
  • woodyee
    Posted on September 12, 2012 at 8:38pm

    You can be a Leftist-elitist only until your bank account starts nose-diving into the red. Then you become a Conservative, or capitalist, or maybe even just a Repub…

    To all you fair-weather “friends” (and you know who you are), welcome back to your senses…

    Report this comment

    woodyee  

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