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 - classicalprinciples.com
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 - PopularEconomics.com
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
