Nobel Laureates Daniel McFadden and Robert Solow Sound Off on Obama Economic Plans

Two Nobel Laureates of economics provide their perspective on Obama economic policy.

Two Nobel Laureates of economics provide their perspective on Obama economic policy.  I personally haven't decided who I am going to vote for so there is no political bias here.  Just reporting the news.

Robert Solow believes that Obama should not only cancel the upper class tax cuts, as he has said he would do, but not use the money to create a further tax cut for the middle class.  He said in an interview with the WSJ:

"While cancelling the Bush tax cuts for upper income groups is certainly the right thing to do, I would not use the proceeds to finance a tax cut for middle-class people."

He believes that a  middle class tax cut would only widen a wide budget deficit and not provide more than a temporary stimulus to the economy.

Daniel McFadden who won the Nobel memorial economics prize in 2000 for research focused on modeling individuals’ decision-making process said in an interview with the WSJ said of Obama's economic policies:

"If you actually look at the details, these are centrist, not left-wing proposals. The message that he’ll expand government is a misrepresentation. Obama talks about a much more balanced fiscal policy than the current administration. And McCain does too, to the extent that he talks about policy at all.”

He then goes on to say that we can't lose with either candidate:

"They’re both running on a platform that’d be an improvement on our current administration. But that’s a pretty low standard. This administration has been a dismal failure.”

Sam Cass
Sam Cass: Sam Cass, MBA, JD, University of Texas at Austin. Always a fan of Leonardo Da Vinci.

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