A group of 150 top academic and corporate economists have signed an appeal to President Obama and the leaders of both parties in Congress to "take immediate action ... to rein in federal spending."
House Speaker John Boehner released the letter today. Among the signers are Examiner columnist Diana Furchtgott-Roth, Former Congressional Budget Office (CBO) director Douglas Holtz-Eakin, Kevin Hasset of the American Enterprise Institute, Supply-side guru Dr. Arthur Laffer, and former CBO director June O'Neill.
The text of their letter follows:
“The national unemployment rate in our country remains unacceptably high, well above the levels promised to the American people when the 2009 ‘stimulus’ spending bill was signed into law. Efforts to spark private-sector job creation through government ‘stimulus’ spending have been unsuccessful.
“As economists deeply concerned about our nation's future, we urge a change in direction. To support real economic growth and support the creation of private-sector jobs, immediate action is needed to rein in federal spending.
"The need for such action is particularly acute in light of your request for Congress to pass legislation in the coming weeks to increase the national debt limit, and the increased burden small businesses face as a result of the new health care law and other regulatory challenges that create uncertainty for private-sector job-creators.
“Action is needed now to begin to slow government spending, reduce uncertainty and support the creation of new private-sector jobs. For the sake of millions of Americans who remain out of work – and future generations of Americans, who will carry the debt burden we are accumulating today – we respectfully urge that the leaders of both parties take action immediately to eliminate unnecessary federal spending, prevent tax hikes, stop regulatory threats to job creation, and enact reforms to put our nation back on a true path to prosperity.”
For more from Boehner, go here.