Bernie Sanders’ campaign has run with an estimate that his policies would produce a 5.3% economic growth rate. But they were in for a nasty surprise when economists like Alan Krueger, Austan Goolsbee, Christina Romer, and Laura D’Andrea Tyson blasted that estimate. Economists continue to pile on.
Former Chairs of the Council of Economic Advisors (Krueger, Goolsbee, Romer, Tyson):
“No credible economic research supports economic impacts of these magnitudes”
“Making such promises runs against our party’s best traditions of evidence-based policy making and undermines our reputation as the party of responsible arithmetic.”
“Claims that cannot be supported by the economic evidence.”
“Impacts on growth rates, income and employment that exceed even the most grandiose predictions by Republicans about the impact of their tax cut proposals.”
Claims like this undermine “our party’s best traditions of evidence-based policy making and undermines our reputation as the party of responsible arithmetic.”
Brad DeLong, Economist at University of California, Berkeley:
“Arguing that Bernie Sanders’s policies are likely to produce a 5.3%/year real GDP growth rate is not just wrong–not just likely to read to false conclusions about the likely impacts of the policies–but further opens the gates of hell for the likes of (conservative economists) Arthur Laffer and John Cochrane to dance around and get their garbage into the press.”
Washington Post: Top Democratic economists just launched a brutal attack on Bernie Sanders
Politico: Former White House economists blast Sanders’ proposals
CNN Money: Economic utopia under President Sanders? Not likely, say former White House economists
New York Times: Left-Leaning Economists Question Cost of Bernie Sanders’s Plans
New York Times: Liberal Economists Raise More Red Flags on Bernie Sanders’s Spending Plans
NPR: Top Wonks Take Aim At Sanders Economic Estimates
Vox: Top Democratic economists don’t think much of Bernienomics. He doesn’t care.