Public Investment Letter CAP EPI R3.Indd
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STATEMENT FROM LEADING AMERICAN ECONOMISTS Cutting investments from the federal budget will undermine the strength of America’s economy. Dear President Obama and Members of Congress: As economists, we believe it is short-sighted to make budget cuts that eliminate necessary investments in our human capital, our infrastructure, and the next generation of scientifi c and technological advances. Th ese cuts threaten our economy’s long-term economic competitiveness and the strength of our current economic recovery. Investment is the cornerstone of economic growth and the key to our long-run national prosperity. It creates jobs now and lays the foundation for long-term economic growth and a strong middle class. As Congress begins to debate the federal budget, it must be careful to sustain critical investments in the productive capacity of the United States. Both the private sector and the government have critical roles to play in growing our economy: Business investment drives the economy, but public investments provide the foundations on which business investment depends. Th is winning combination paves the way for America’s economic success. Cutting necessary investments from the federal budget will only undermine the long-term competitiveness and productivity of the American economy. We recognize that resources are scarce and that fi scal responsibility demands that federal budget policies tackle the long-term budget defi cit. But responsible governance demands that we neither damage the recovery today nor forsake America’s economic future by cutting critical investments. Heather Boushey Larry Mishel Center for American Progress Action Fund Economic Policy Institute Alan Blinder Laura Tyson Princeton University University of California, Berkeley ECONOMIC POLICY INSTITUTE • 1333 H STREET, NW • SUITE 300, EAST TOWER • WASHINGTON, DC 20005 • 202.775.8810 • WWW.EPI.ORG ORIGINAL SIGNERS R ANDY ALBELDA LAURIE BASSI FRANCINE BLAU University of Massachusetts Boston McBassi & Company Cornell University SYLVIA ALLEGRETTO FRANCIS BATOR ROBERT BLECKER University of California, Berkeley Harvard Kennedy School American University GAR ALPEROVITZ SANDY BAUM MARY BORROWMAN University of Maryland George Washington University New School for Social Research ALICE AMSDEN AMANDA BAYER BARRY BOSWORTH Massachusetts Institute of Technology Swarthmore College Th e Brookings Institution RALPJ ANDREANO MICHAEL BELZER RALPH BRADBURD University of Wisconsin-Madison Wayne State University Williams College FRANCISCO ARCEO LOURDES BENERIA ELISSA BRAUNSTEIN Clemson University Cornell University Colorado State University KENNETH J. ARROW PETER BERG DAVID BRENEMAN Stanford University Michigan State University University of Virginia MICHAEL ASH BARBARA BERGMANN VERNON BRIGGS, JR. University of Massachusetts, Amherst University of Maryland and American Cornell University University ROJHAT B. AVSAR CLAIR BROWN Columbia College Chicago GUNSELI BERIK University of California, Berkeley University of Utah M. V. LEE BADGETT BYRON BROWN University of Massachusetts, Amherst ALEXANDRA BERNASEK Michigan State University Colorado State University RON BAIMAN GARY BURTLESS Center for Tax and Budget ERNST BERNDT Th e Brookings Institution Accountability Massachusetts Institute of Technology DALLAS BURTRAW NESECAN BALKAN DAVID BETSON Resources for the Future Hamilton College University of Notre Dame PAUL D. BUSH NINA BANKS CIHAN BILGINSOY California State University, Fresno Bucknell University University of Utah MARTHA CAMPBELL WILLIAM BARCLAY SHERRILYN BILLGER SUNY Potsdam Chicago Political Economy Group Illinois State University JIM CAMPEN DRUCILLA BARKER CYRUS BINA University of Massachusetts, Boston University of South Carolina University of Minnesota RON CAPLAN CHARLES BARONE MELISSA BINDER Richard Stockton College Dickinson College University of New Mexico GERARD CAPRIO DONALD BASCH JOHN BISHOP Williams College Simmons College Cornell University MARTIN CARNOY Stanford University STATEMENT FROM LEADING AMERICAN ECONOMISTS l MARCH 2011 l PAGE 2 ORIGINAL SIGNERS CHRISTOPHER CARROLL JAMES CYPHER ELIZABETH ELMORE Johns Hopkins University California State University Richard Stockton College STEPHEN CASLER ANITA DANCS ERNIE ENGLANDER Allegheny College New England College George Washington University School of Business MANUEL CASTELLS MONICA DAS University of Southern California Skidmore College LORETTA FAIRCHILD Nebraska Wesleyan University JOHN DENNIS CHASSE PAUL A. DAVID SUNY Brockport Stanford University DAVID FAIRRIS University of California, Riverside JANIE CHERMAK JAYNE DEAN University of New Mexico Wagner College HENRY FARBER Princeton University HOWARD CHERNICK JAMES BRADFORD DELONG Hunter College, CUNY University of California, Berkeley REZA FAZELI Th e New School LAWRENCE CHIMERINE GEORGE DEMARTINO Radnor International Consulting University of Denver STEVEN FAZZARI Washington University CHARLES CHITTLE RANJIT DIGHE Bowling Green State University SUNY Oswego RASHI FEIN Harvard University CARL CHRIST ARINDRAJIT DUBE Johns Hopkins University University of Massachusetts, Amherst WILLIAM FERGUSON Grinnell College KIMBERLY CHRISTENSEN ROBIN DUBIN Sarah Lawrence College Case Western Reserve University RUDY FICHTENBAUM Wright State University PAUL CHRISTENSEN AMITAVA DUTT Hofstra University University of Notre Dame DEBORAH FIGART Richard Stockton College CLIFFORD CLARK MANORANJAN DUTTA Wayne State University Rutgers University CATHERINE FINNOFF University of Massachusetts, Boston AMELIA CLARKE ROBERT EBERT Skidmore College Baldwin-Wallace College JOHN FITZGERALD Bowdoin College RICHARD COE JOHN EDGREN New College of Florida Eastern Michigan University MARIA FLORO American University STEVE COHN RONALD EHRENBERG Knox College Cornell University FREDERICK FLOSS Buff alo State College DAVID COLE EVERETT EHRLICH Harvard University ESC Company ELLEN FOSTER Union College WILLIAM COMANOR BARRY EICHENGREEN University of California, University of California, Berkeley KEVIN GALLAGHER Santa Barbara and University of Boston University California, Los Angeles BERNARD ELBAUM University of California, Santa Cruz DAVID GALLO RICHARD CORNWALL California State University, Chico Middlebury College STATEMENT FROM LEADING AMERICAN ECONOMISTS l MARCH 2011 l PAGE 3 ORIGINAL SIGNERS JOHN GALLUP TERRY GUSTAFSON BARBARA HOPKINS Portland State University California State University, Chico Wright State University HEIDI GARRETT-PELTIER ROBERT GUTTMANN ANN HOROWITZ Political Economy Research Institute Hofstra University University of Florida CHRIS GEORGES JONATHAN HAMILTON IRA HOROWITZ Hamilton College University of Florida University of Florida ARMAGAN GEZICI MITCHELL HARWITZ CHARLES HOWE Keene State College University at Buff alo University of Colorado TERESA GHILARDUCCI ROBERT HAVEMAN DAVID HOWELL Th e New School University of Wisconsin-Madison Th e New School RICHARD GILBERT SUE HEADLEE FREDERICK S. INABA University of California, Berkeley American University Washington State Univesity MICHAEL GILLESPIE CAROL E HEIM DORENE ISENBERG Eastern Illinois University University of Massachusetts, Amherst University of Redlands NORMAN GLICKMAN PAUL HEISE MARK JOHNSON Rutgers University Lebanon Valley College Chicago State University ROBERT GLOVER SUSAN HELPER HARRY KATZ University of Texas at Austin Case Western Reserve University Cornell University AMOS GOLAN ADAM HERSH LAWRENCE KATZ American University Center for American Progress Harvard University LONNIE GOLDEN STEPHEN HERZENBERG DAVID KAUN Penn State University-Abington College Keystone Research Center University of California, Santa Cruz DEBBIE GOLDMAN DONALD HESTER ROBERT KEMP Communications Workers of America University of Wisconsin-Madison University of Louisiana-Monroe STEVEN GOLDMAN MARTHA HILL MARLENE KIM University of California, Berkeley University of Michigan University of Massachusetts Boston DON GOLDSTEIN RAUL HINOJOSA MARY KING Allegheny College University of California, Los Angeles Portland State University NEVA GOODWIN P. S AI-WING HO LORI KLETZER Tufts University University of Denver Colby College and University of California, Santa Cruz ULLA GRAPARD EMILY HOFFMAN Colgate University Western Michigan University JAMES KLUMPNER Georgetown University JERRY GREEN JOAN HOFFMAN Harvard University John Jay College of Criminal Justice, TIMOTHY KOECHLIN CUNY Vassar College CHRISTOPHER GUNN Hobart and William Smith Colleges HARRY HOLZER ANDREW KOHEN Georgetown University James Madison University STATEMENT FROM LEADING AMERICAN ECONOMISTS l MARCH 2011 l PAGE 4 ORIGINAL SIGNERS KATE KRAUSE JANICE MADDEN FRED MOSELEY University of New Mexico University of Pennsylvania Mount Holyoke College MORDECHAI KREININ MARK MAIER LEON MOSES Michigan State University Glendale College Northwestern University PETER KARL KRESL JAY MANDLE ESHRAGH MOTAHAR Bucknell University Colgate University Union College MORDECAI KURZ MICHAEL MARTELL TRACY MOTT Stanford University Elizabethtown College University of Denver DAVID LAIBMAN ERIC MASKIN RICHARD MURNANE City University of New York Institute for Advanced Study Harvard University THOMAS LAMBERT THOMAS MASTERSON MICHAEL MURRAY Indiana University, Southeast Levy Economics Institute of Bates College Bard College JOHN LAPP ELLEN MUTARI North Carolina State University PETER MATTHEWS Richard Stockton College Middlebury College WILLIAM LAZONICK MICHELE NAPLES University of Massachusetts ELAINE MCCRATE Richard Stockton College University of Vermont PAUL LEIGH DONALD NICHOLS University of California, Davis CHARLES W. M CMILLION University