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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Andrew N. Cothran who wrote (612061)	8/27/2004 2:35:16 PM
From: Kenneth E. Phillipps	Read Replies (2) \| Respond to of 769670

Nobel winners endorse Kerry From correspondents in Washington August 26, 2004 CONCERNED over US Republican President George W. Bush's handling of the US economy, 10 Nobel laureates in economics announced in a public letter today their endorsement of Democratic presidential candidate John Kerry. The Nobel winners include 1970 laureate Paul Samuelson from the Massachusetts Institute of Technology, and 2001 laureate Joseph Stiglitz from Columbia University, a former chief economist at the World Bank and former adviser to president Bill Clinton. According to the letter, the Bush administration has "embarked on a reckless and extreme course that endangers the long-term economic health of our nation". Mr Kerry "understands that sound economic policy requires a substantial change in direction, and we support him for president". The differences between Mr Bush and Mr Kerry regarding leadership on the economy "are wider than in any other presidential election in our experience". Mr Bush believes "that tax cuts benefiting the most-wealthy Americans are the answer to almost every economic problem". But the tax cuts "were poorly designed and therefore have given insufficient stimulus to job creation". The main effect of Mr Bush's fiscal policies "has been to turn budget surpluses into enormous budget deficits. President Bush's fiscal irresponsibility threatens the long-term economic security and prosperity of our nation". At a time when the country should be saving to pay for retirement benefits for the large post-World War II generation - known as the "baby boomers" - the US national debt "is swelling; the social contract that binds one generation to another is being threatened with unravelling". In contrast, the Nobel laureates believe that Mr Kerry "will restore fiscal responsibility" and is committed to helping families meet rising the cost of higher education and health care, and is committed "to work with our allies and trading partners to promote global growth that lifts up workers around the world". The letter was also signed by George Akerlof (2001), Daniel McFadden (2000), Kenneth Arrow (1972), William F. Sharpe (1990), Daniel Kahneman (2002), Lawrence Klein (1980), Douglass North Washington (1993), and Robert Solow (1987).