Proof That "Smart" Economists Can Be Stupid

Ten recipients of the Nobel prize for economics have signed an open letter in support of John Kerry's candidacy for president. These geniuses have resorted to the usual arguments of the economically illiterate: those big, bad tax cuts for the "rich"; those big, bad deficits underwritten by foreign investors; rising income inequality; and the rising costs of health care. Their views, in other words, are a combination of wrong-headedness, xenophobia, and welfare-statism.

Kerry, of course, is going to do things right because he'll restore fiscal responsibility. I guess they missed The Washington Post's analysis of Kerry's proposals, which shows that Kerry's ideas, if enacted, would add more than $2 trillion to the federal debt over the next 10 years.

On top of that Kerry will "do something" about health-care costs. What, repeal the laws of supply and demand? Nationalize medical care so that Americans can go to Mexico for better treatment?

Well, what do you expect from a bunch of lefties like Paul Samuelson who can explain economic principles without understanding them? They simply don't trust free people and free markets, because they (the lefties) are smarter than the rest of us. Just ask them.