Washington, D.C. – A group of prominent economists Thursday urged congressional leaders to reject the Biden administration's FY 2024 proposal, calling it “irresponsible” and suggesting that, if adopted, it would set the nation on a path to economic disaster.
In a letter to Senate Majority Leader Chuck Schumer, D-N.Y., and House Speaker Kevin McCarthy, R-Calif., the economists lamented the “anti-growth tax increases and unsustainable budget deficits” the administration put forward in its latest budget document.
Instead of enacting the Biden budget, the 434 economists who signed the letter called for Congress to focus on the process of “reducing the federal government's unsustainable and dangerous fiscal imbalances.”
The president's 2024 budget plan continues the disastrous policies that have nearly half of all American – 41% in a February 2023 ABC News/Washington Post poll – saying they are worse off economically than they were two years ago when Biden came into office.
The letter, organized by economist James Carter, accuses the Biden administration of believing “the solution to America's economic woes is more federal spending and higher taxes,” adding that polling by pollster Scott Rasmussen shows the American people concur.
Carter cites a recent national survey conducted by Rasmussen that found 76% of Americans believe the federal “government spends too much.” Only 17% believe the government “doesn't receive enough money.”
“The bottom line,” Carter said, is that “the U.S. cannot afford to continue with policies that simply do not work.
The letter is as follows:
April 13, 2023
Dear Speaker McCarthy and Leader Schumer:
We, the undersigned economists, urge Congress to reject the anti-growth tax increases and unsustainable budget deficits put forward by the Biden Administration.
Our economy is still suffering the lingering effects of excessive government spending, massive increases in regulation, and the 40-year high inflation crushing American families. With consumer sentiment languishing and 41% of the American people saying they are worse off economically than they were two years ago, the recent failure of three banks will further shock our economy.
President Biden's budget proposal continues these disastrous policies by calling for trillions of dollars more in taxes and spending over the next 10 years. These proposals would lock in government spending at nearly 25% of our gross domestic product compared to the less than 21% it has averaged over the last 40 years. As government commands more of the economy, private sector investment has less room to facilitate long-term growth. Meanwhile, federal receipts totaled 19.2% of national output last year, the fourth-highest total in our Nation's history. We do not have a revenue problem; we have an enormous spending problem.
It is time for Congress to ensure we avoid future high inflation resulting from the federal government's unsustainable fiscal path. The consequences of allowing federal debt to accumulate at its current and projected pace—with spending demands vastly outstripping the country's ability to meet them—would be disastrous for the well-being of the country and especially for the most vulnerable Americans.
Families and small businesses have already been struggling for too long under the weight of high inflation, rising borrowing costs, crippling labor shortages, and damaging economic uncertainty. We urge Congress to reject President Biden's irresponsible budget proposal and work together to address the country's short-term needs while also committing itself to take steps toward reducing the federal government's unsustainable and dangerous fiscal imbalances.
In addition to Carter, who directs the Center for American Prosperity at the America First Policy Institute, it is also signed by former presidential Council of Economic Affairs Chairman Kevin Hassett and former National Economic Council head Larry Kudlow.
Other prominent economists who signed include economist and former House Majority Leader Richard K. Armey, the Heritage Foundation's Diana Furchgott-Roth, Johns Hopkins University's Dr. Stephen Hanke, Trend Macrolytics Donald Luskin, the Center for Freedom and Prosperity's Dan Mitchell, Duke University's Michael Munger and Brian Westbury of First Trust Advisors L.P.
The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.
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BADuns handlers are dead set on bankrupting America and making it a third world country! So yes the economy is going to be ran to death until it is past fixing.
Biden is just putting the finishing touches on the destructive policies that Obumer started and Killery would have continued to push for if TRUMP had not been elected. That’s what happens when uninformed people make poor decisions and vote against a good candidate instead of voting for the best person for the office! Those complaining are those who took the time to look at the men running, their past performance, and their love for AMERICA!
Grateful for some significant pushback to the out of control Democrat spending machine. Come now. Clearly, their intent is to collapse the American economy and government and replace it with a new constitution and a socialist state. Heaven forbid!