Economists Have a Message About Biden's Economic Policies
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On Thursday, I joined with 434 economists from universities, think tanks, and businesses across the country to convey a message to the American people: “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 taking steps toward reducing the federal government’s unsustainable and dangerous fiscal imbalances.”

Our open letter to House Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer, printed below in its entirety and signed by some of the country’s most prominent economic theorists and practitioners, laments the “anti-growth tax increases and unsustainable budget deficits put forward by the Biden Administration.” It warns that President Biden’s fiscal year 2024 budget proposal doubles down on the disastrous policies that led 41% of Americans to say they are now worse off economically than they were two years ago.

The Biden Administration believes the solution to America’s economic woes is more federal spending and higher taxes. Having increased federal spending by nearly $5 trillion in its first two years, the Biden Administration now proposes additional tax and spending increases totaling $4.7 trillion and $1.9 trillion, respectively.

We reject that demonstrably flawed approach. Moreover, according to a recent national survey conducted by pollster Scott Rasmussen, the American people overwhelmingly agree with us. The survey found that 76% of Americans believe the federal “government spends too much.” Only 17% believe the government “doesn’t receive enough money.”

The bottom line? Buffeted by high inflation, massive federal budget deficits, a simmering banking crisis, and an economy on the verge of recession, the U.S. cannot afford to continue with policies that simply do not work.

Our message is unequivocal: President Biden’s budget proposals are wrong for America.

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. 

Signed (affiliations listed for identification purposes only),

Abrams, Burton - University of Delaware

Acs, Zoltan - George Mason University

Adkins, Lee - Oklahoma State University

Agbor, Julius - Vanguard University of Southern California

Agnello, Richard J. - University of Delaware

Ahiakpor, James - California State University-East Bay

Ahking, Francis - University of Connecticut

Alexander, Donald L. - Western Michigan University

Alston, Lee - Indiana University

Anderson, William L. - Frostburg State University

Annacarto, Joseph A. - Penn State University

Antos, Joseph - American Enterprise Institute

Arce, Daniel - University of Texas-Dallas

Armey, Richard K. - U.S. House of Representatives, 1985-2003

Baetjer Jr., Howard - Towson University

Baird, Charles - California State University-East Bay

Baldwin, Marjorie - Arizona State University

Bar, Michael - San Francisco State University

Barnekov, Christopher C. - Federal Communications Commission

Bassett, Lowell - University of Washington

Bayless, Mark - Wayne State University

Bellante, Donald - University of South Florida

Benjamin, Daniel K. - Clemson University

Bennett, Daniel L. - University of Louisville

Bennett, James T. - George Mason University

Benson, Bruce L. - Florida State University

Berg, Milo D. - Sam Houston State University

Berry, Keith - Hendrix College

Bessler, David A. - Texas A&M University

Bhagat, Sanjai - University of Colorado Boulder

Bhagwati, Jagdish - Columbia University

Block, Walter E. - Loyola University-New Orleans

Bogan, Elizabeth - Princeton University

Bohanon, Cecil E. - Ball State University

Boldrin , Michele - Washington University-Saint Louis

Bond, Michael - Miami University (Oxford, Ohio)

Booth, G. Geoffrey - Michigan State University

Bostaph, Samuel - University of Dallas

Boudreaux, Donald J. - George Mason University

Bowen, Harry - Queens University of Charlotte

Boyd, Laura A. - Denison University

Bradford, Scott - Brigham Young University

Bradley, Anne - The Fund for American Studies

Bradley, Michael - Duke University

Bradley Jr., Robert L. - Institute for Energy Research

Brat, Dave - Liberty University

Breeden, Charles H. - Marquette University

Broadbent, Craig D. - Brigham Young University-Idaho

Brown, David P. - University of Wisconsin-Madison

Browning, Edgar K. - Texas A&M University

Bryson, Phillip - Brigham Young University

Bucci, Gabriella - DePaul University

Buller, David - University of Minnesota

Burdekin, Richard C. K. - Claremont McKenna College

Burton, Edwin T. - University of Virginia

Butler, Henry N. - George Mason University

Calcagno, Peter T. - College of Charleston

Calhoun, Joe - Florida State University

Calomiris, Charles W. - Columbia University

Caplan, Bryan D. - George Mason University

Carbaugh, Robert - Central Washington University

Cardon, James - Brigham Young University

Carey, Robert T. - Clemson University

Carilli, Tony - Hampden-Sydney College

Carney, William J. - Emory University

Carter, James - America First Policy Institute

Cassing, James H. - University of Pittsburgh

Cebula, Richard - George Mason University

Chakravorty, Ujjayant - Tufts University

Chambers, Dustin - Salisbury University

Chance, Don M. - Louisiana State University

Chatfield, Robert E. - University of Nevada-Las Vegas

Chattopadhyay, Sudip - San Francisco State University

Chen, Kuang C. - California State University-Fresno

Choi, Eun K. - Iowa State University

Chou, Nan-Ting - University of Louisville

Choudhury, Agnitra Roy - Auburn University-Montgomery

Clark, J.R. - The University of Tennessee-Chattanooga

Clark, Michael - Hillsdale College

Coats, Warren - International Monetary Fund

Coelho, Philip R. P. - Ball State University

Collinge, Robert A. - University of Texas-San Antonio

Colwell, Peter F. - University of Illinois

Cordato, Roy - North Carolina State University

Cosgrove, Michael - University of Dallas

Costrell, Robert M. - University of Arkansas

Cover, James P. - University of Alabama

Cox, Timothy - Independent Scholar

Crain, Mark - Lafayette College

Crews, Jr., Clyde Wayne - Competitive Enterprise Institute

Culp, Robert - Dalton State College

Cwik, Paul F. - University of Mount Olive

Dao, Minh Q. - Eastern Illinois University

Davidson, Lawrence S. - Indiana University

Davies, Antony - Duquesne University

DeNicco, James - Rice University

Denzau, Art - Claremont Graduate University

Detzel, Andrew - Baylor University

DeYoung, Robert - University of Kansas

Diamond, Arthur - University of Nebraska-Omaha

Dimkoff, Gregg - Grand Valley State University

Duella, Abdunasser - California State University-Fullerton

Duerson, Brad - Des Moines Area Community College

Dunlevy, James A. - Miami University (Oxford, Ohio)

Dwyer Jr., Gerald P. - Clemson University

Dye, Ronald - Northwestern University

Eastin, Richard - University of Southern California

Ebeling, Richard - The Citadel

Eckalbar, John - California State University-Chico

Eckbo, B. Espen - Dartmouth College

Economopoulos, Andrew - Ursinus College

Edwards, Tracie - University of Missouri-St. Louis

Eff, E. Anthon - Middle Tennessee State University

Efremov, Steven M. - East Tennessee State University

Egger, John B. - Towson University

Elias, Carlos - DHC Consulting

Elmslie, Bruce - University of New Hampshire

Elzinga, Kenneth G. - University of Virginia

Ericson, Richard E. - East Carolina University

Espey, Molly - Clemson University

Esposito, Federico - Tufts University

Estill, John - San Jose State University

Evrensel, Ayse Y. - Southern Illinois University-Edwardsville

Eyssell, Thomas - University of Missouri-St. Louis

Falero, Frank - California State University-Bakersfield

Fama, Eugene F. - University of Chicago

Faria, Joao - Florida Atlantic University

Farka, Mira - California State University-Fullerton

Farr, W. Ken - Georgia College and State University

Faulkender, Michael - University of Maryland

Feenberg, Daniel - NBER

Feigenbaum, Susan K. - University of Missouri-St. Louis

Feldstein, Paul J. - University of California-Irvine

Ferrarini, Tawni Hunt - Lindenwood University

Fischer, Hartmut - University of San Francisco

Flanders, John A. - Central Methodist University

Flinn, Christopher - New York University

Ford, William - Federal Reserve Bank of Atlanta, 1980-84

Foster, J.D. - Office of Management & Budget, 2002-07

Fratianni, Michele - Indiana University

Frechtling, Douglas - George Washington University

Freer, Erica - California State University-San Marcos

Fuller, Caleb S. - Grove City College

Furchtgott-Roth, Diana - Heritage Foundation

Furton, Glenn - Metropolitan State University of Denver

Galles, Gary - Pepperdine University

Gal-Or, Esther - University of Pittsburgh

Garen, John - University of Kentucky

Gaspar, Julian - Texas A&M University

Gay, David E.R. - University of Arkansas

Gearhart, Richard - California State University-Bakersfield

Geloso, Vincent - George Mason University

Genetski, Robert -

Gill, Anthony - University of Washington

Gillette, David - Truman University

Gilley, Otis - Louisiana Tech University

Gillman, Max - University of Missouri-St. Louis

Ginn, Vance - Office of Management & Budget, 2019-20

Gohmann, Stephan F. - University of Louisville

Goodman, John - Goodman Institute for Public Policy

Goodwin, Barry K. - North Carolina State University

Gordon, Peter - University of Southern California

Goss, Ernie - Creighton University

Grant, Richard J. - Cumberland University

Graves, Philip - University of Colorado-Boulder

Greco, Anthony J. - University of Louisiana-Lafayette

Green, Harlan -

Grinols, Earl L. - Baylor University

Gwartney, James - Florida State University

Hakim, Simon - Temple University

Halcoussis, Dennis - California State University-Northridge

Hanke, Steve H. - The Johns Hopkins University

Happel, Stephen - Arizona State University

Harrington, Scott - University of Pennsylvania

Harris, Barry C. - Economists Incorporated

Harris, Lydia - Goucher College

Hart, William - Miami University (Oxford, Ohio)

Haslag, Joseph H. - University of Missouri

Hassett, Kevin - Council of Economic Advisers, 2017-19

Hauge, Janice A. - University of North Texas

Heath, Daniel - Georgetown University Law Center

Heath, Will C. - University of Louisiana-Lafayette

Hedlund, Aaron - Purdue University

Hefner, Frank - College of Charleston

Hein, Scott - Texas Tech University

Henderson, David R. - Hoover Institution

Henderson, James - Baylor University

High, Jack - George Mason University

Hobbs, Bradley K. - Clemson University

Hodges, Hart - Western Washington University

Hoehn, John P. - Michigan State University

Holcombe, Randall - Florida State University

Hoover, Kevin - Duke University

Houser, Daniel - George Mason University

Houston, Douglas A. - University of Kansas

Howe, John S. - University of Missouri-Columbia

Hutchinson, Eugene Bruce - University of Tennessee-Chattanooga

Ikeda, Sanford - SUNY

Innes, Robert - University of California-Merced

Ireland, Ed - Ed Ireland & Associates

Irvine, F. Owen - Michigan State University

Isaac, R. Mark - Florida State University

Ivankovic, Miren - Anderson University

Izyumov, Alexei - University of Louisville

Jamison, Mark A. - University of Florida

Jansen, Dennis W. - Texas A&M University

Johnson, Dennis A. - University of South Dakota-Vermillion

Johnson, John - Utah State University

Johnson, Ryan - University of Arizona

Johnston, Ken - Berry College

Jordan, Jerry - Council of Economic Advisors, 1981-82

Kaminski, Marek - University of California-Irvine

Katkov, Alexander - Johnson & Wales University

Keating, Barry - University of Notre Dame

Kelly, Brian W. - Asian Century Quest Capital

Kerr, Peter M. - Southeast Missouri State University

Kessler, John - Purdue University-Fort Wayne

Kilmer, Richard - University of Florida

King, William D. - William D. King & Associates, Inc.

Kingma, Bruce R. - Syracuse University

Kirk, Richard M. - Georgia State University

Klein, Daniel B. - George Mason University

Klein, Sandra - Baylor University

Kline, Audrey D. - University of Louisville

Kohn, Meir - Dartmouth College

Krupp, Corinne - Duke University

Kruse, Jamie Brown - East Carolina University

Kudlow, Larry - National Economic Council, 2018-21

Kuran, Timur - Duke University

Laffer, Arthur B. - Laffer Associates

LaHote, R. Wm. - Washtenaw Community College

Laird, William E. - Florida State University

Langelett, George - South Dakota State University

Lash, Nicholas - Loyola University-Chicago

LeClair, Mark S. - Fairfield University

Lee, Carrie B. - Florida State University

Lefton, Norman - Southern Illinois University-Edwardsville

Lehman, Tom - Indiana Wesleyan University

Leonard, David - Miami University (Oxford, Ohio)

Leveson, Irving - Leveson Consulting

Li, Danyang - Hofstra University

Libecap, Gary D. - University of California-Santa Barbara

Liebowitz, Stan - University of Texas-Dallas

Lillard, Dean R. - The Ohio State University

Lima, Tony - California State University-East Bay

Lin, Tin-Chun - Indiana University

Lingle, Christopher - Universidad Francisco Marroquin

Lipford, Jody - Francis Marion University

Locay, Luis - University of Miami

Lockard, Alan - St. Lawrence University

Logue, Dennis E. - Dartmouth College

Long, Michael - University of Tennessee-Chattanooga

Lopez, Edward - Western Carolina University

Lothian, James - Fordham University

Lott Jr., John R. - Crime Prevention Research Center

Loughran, Tim - University of Notre Dame

Luskin, Donald - Trend Macrolytics LLC

Lyman, R. Ashley - University of Idaho

Ma, Martin J. - Brigham Young University-Idaho

MacKenzie, Doug W. - Unaffiliated

Makovi, Michael - Northwood University

Malone, Keith D. - University of North Alabama

Manakyan, Herman - Salisbury University

Marlow, Michael - California Polytechnic State University

Martin, Robert E. - Centre College

Martinelli, Cesar - George Mason University

Mason, Paul - McMurry University

Matcheck, Dale - Northwood University

Mathews, Timothy - Kennesaw State University

Mayor, Thomas H. - University of Houston

McArthur, John - Wofford College

McCabe, Kevin A. - George Mason University

McClure, James - Ball State University

McConnell, John J. - Purdue University

McIlhon, Michael J. - Metropolitan State University

McMillin, William D. - Louisiana State University

Meiners, Roger E. - University of Texas-Arlington

Mennemeyer, Stephen T. - University of Alabama-Birmingham

Merrifield, John - University of Texas-San Antonio

Metzgar, Matthew - University of North Carolina-Charlotte

Michael, Steven - University of Wisconsin-Milwaukee

Mickey, Ryan - Maryville College

Miljkovic, Dragan - North Dakota State University

Miller, Jim - Office of Management and Budget, 1985-88

Millsap, Adam A. - Stand Together Trust

Mintert, James - Purdue University

Miranda, Mario - The Ohio State University

Mitchell, Daniel J. - Center for Freedom and Prosperity

Moore, Stephen - FreedomWorks

Moorhouse, John C. - Wake Forest University

Morris, Barry - University of North Alabama

Morrisey, Michael A. - University of Alabama-Birmingham

Mueller, Curt - Consultant

Mulcahy, James - University at Buffalo

Mulligan, Robert F. - Indiana University East

Munger, Michael C. - Duke University

Mustard, David B. - University of Georgia

Myers, Steven C. - The University of Akron

Nate, Ronald M. - Brigham Young University-Idaho

Nelson, Darren B. - LibertyWorks

Nelson, Jon - Pennsylvania State University

Newman, Patrick - Florida Southern College

Niehaus, Robert D. - Robert D. Niehaus, Inc.

Norgaard, Julia - Pepperdine University

Oswald, Donald J. - California State University

Palasek, Karen - Barton College

Palfin, Richard - Economic Analysis

Parsons, Don - The George Washington University

Patton, Judd W. - Bellevue University

Perez, Sheri - College of Southern Nevada

Perry, Mark - University of Michigan

Pham, Hoang - Oregon State University

Plott, Charles R. - California Institute of Technology

Pongracic, Jr., Ivan - Hillsdale College

Poole, William - Mises Institute

Porzecanski, Arturo - American University

Poulson, Barry W. - University of Colorado-Boulder

Prieger, James - Pepperdine University

Promboin, Ron - University of Maryland Global Campus

Pruitt, Stephen W. - University of Missouri-Kansas City

Quinlivan, Gary - Saint Vincent College

Rahn, Richard - Institute for Global Economic Growth

Ramazani, Reza - Saint Michael's College

Ransom, Tyler - University of Oklahoma

Ranson, David - HCWE & Co.

Rassenti, Stephen - Chapman University

Regalia, Martin - U.S. Chamber of Commerce

Reifel, John W. - Grand Valley State University

Reisman, Jonathan - University of Maine-Machias

Reza, Ali M. - San Jose State University

Ries, Christine - Georgia Institute of Technology

Rizzo, Mario - New York University

Roberts, Nancy - Arizona State University

Rosefielde, Steven - University of North Carolina-Chapel Hill

Roth, Timothy P. - University of Texas-El Paso

Rotthoff, Kurt W. - Seton Hall University

Rowe Jr., John - University of South Florida

Rubin, Paul - Emory University

Rufolo, Anthony M. - Portland State University

Ruggiero, John - University of Dayton

Rush, Mark - University of Florida

Russell, Levi A. - University of Kansas

Rustici, Thomas - George Mason University

Salerno, Joseph T. - Mises Institute

Sanders, Anthony - George Mason University

Sanders, Jon - John Locke Foundation

Santoni, Gary - Ball State University

Sappington, David - University of Florida

Sauer, Raymond - Clemson University

Sautet, Frederic - The Catholic University of America

Scahill, Edward M. - The University of Scranton

Schallheim, James - University of Utah

Schansberg, D. Eric - Indiana University Southeast

Scott, John - University of North Georgia

Seater, John J. - North Carolina State University

Seeley, Robert D. - Wilkes University

Seyhun, Nejat - University of Michigan

Sfeir, Raymond - Chapman University

Shapiro, Alan C. - University of Southern California

Sheehan, Dennis - Penn State University

Shelton, Judy - Independent Institute

Sherk, James - America First Policy Institute

Sherman, Ann E. - DePaul University

Shmanske, Stephen - California State University-East Bay

Shughart II, William F. - Utah State University

Siegel, Laurence B. - CFA Institute Research Foundation

Silberberg, Eugene - University of Washington

Silva, Ednaldo - RoyaltyStat LLC

Silvia, John - Dynamic Economic Strategy

Simpson, Brian - National University

Simpson, Gene - Auburn University

Slaper, Timothy F. - Indiana University

Smith, Cliff - University of Rochester

Smith, Daniel J. - Middle Tennessee State University

Smith, Richard - University of California-Riverside

Smith, Vernon - Chapman University

Snyder, Edward A. - Yale University

Spatt, Chester - Carnegie Mellon University

Starr, Brian - Lubbock Christian University

Staten, Michael - University of Arizona

Stauffer, Robert F. - Roanoke College

Steele, Charles N. - Hillsdale College

Stoddard, Brock - Appalachian State University

Stone, Bernell - Brigham Young University

Strnad, Jeff - Stanford University

Surdam, David - University of Northern Iowa

Sutter, Daniel - Troy University

Sweeney, Richard J. - Georgetown University

Switzer, David - St. Cloud State University

Sylvia, Gilbert - Oregon State University

Talley, Daniel A. - Dakota State University

Tamura, Robert - Clemson University

Tawadros, George - Winona State University

Taylor, Jason E. - Central Michigan University

Tenorio, Rafael - DePaul University

Terrell, Timothy - Wofford College

Thies, Clifford - Shenandoah University

Thomas, Diana W. - Creighton University

Thompson, Henry - Auburn University

Thraen, Cameron - The Ohio State University

Thurman, Walter - North Carolina State University

Tittle, Derek - Georgia Tech

Trumbull, William N. - The Citadel

Uhlig, Harald - University of Chicago

Upadhyaya, Kamal - University of New Haven

Vaughn, Karen - George Mason University

Vedder, Richard - Ohio University

Vesely, Filip - University of Wisconsin-Milwaukee

Vinod, Hrishikesh - Fordham University

Vorst, Karen S. - University of Missouri-Kansas City

Walker, Deborah - Fort Lewis College

Walkling, Ralph - Drexel University

Wall, Sherri - University of Alaska Fairbanks

Ward, Michael R. - University of Texas-Arlington

Warner, John T. - Clemson University

Watson, Elizabeth - University of South Carolina

Weintraub, Andrew - Temple University

Wesbury, Brian S. - First Trust Advisors L.P.

Williams, Jonathan - American Legislative Exchange Council

Wilson, Bradley K. - University of Saint Thomas

Wilson, Lonny - William Penn University

Wilson, Paul W. - Clemson University

Winegarden, Wayne - Pacific Research Institute

Winfree, Paul - Domestic Policy Council, 2017

Wohlgenant, Michael K. - North Carolina State University

Wolfram, Gary - Hillsdale College

Wright, Colin - Claremont Mckenna College

Yang, Bill - Georgia Southern University

Yoe, Charlie - Notre Dame of Maryland University

Zahn, Frank - University of Nebraska-Omaha

Zempel, Clare - Zempel Strategic

Zhang, Kevin H. - Illinois State University

Zimmerman, Jerold - University of Rochester

Zoric, Joseph - Franciscan University-Steubenville

Zycher, Benjamin - American Enterprise Institute


cc: The Honorable Mitch McConnell

      The Honorable Hakeem Jeffries


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