Top Democratic economists don't think much of Bernienomics. He doesn’t care.

[n2doc]

Four former top economists in Democratic administrations signed a letter taking Bernie Sanders' campaign to task for touting a document by University of Massachusetts economist Gerald Friedman that purports to show that Sanders' policies would boost the American growth rate to over five percent.

Alan Krueger, Austan Goolsbee, Christina Romer, and Laura D'Andrea Tyson all served at one time or another as Chairs of the Council of Economic Advisors under either Barack Obama and Bill Clinton; their letter isn't signed by three other CEA chairs from Clinton's tenure, Janet Yellen (who's busy running the Fed), Joseph Stiglitz (who's well to the left of this group), and Martin Baily (who tells me he didn't know anything about it).

The letter cites Friedman's assumption that the economy would grow by 5.3 percent under Sanders, and comments, "no credible economic research supports economic impacts of these magnitudes." Further, the economists argue making this kind of claim undermines "our party’s best traditions of evidence-based policy making and undermines our reputation as the party of responsible arithmetic."

Somewhat ironically, this group of empirically minded wonks doesn't actually offer an empirical critique of the study they are worried about — relying simply on their authority as Democratic Party luminaries to bat it down.

much more

http://www.vox.com/2016/2/18/11041838/bernienomics-wonks

[Erich Bloodaxe BSN]

1. Lemme fix that first sentence.

Four former top economists in corporatist Democratic administrations signed a letter taking Bernie Sanders' campaign to task for touting a document by University of Massachusetts economist Gerald Friedman that purports to show that Sanders' policies would boost the American growth rate to over five percent.

[Wilms]

2. Thank you.

I noticed the typo myself.

[rurallib]

3. Ah - now it makes sense.

[Gregorian]

4. Ha! I was about to do the same, but with "capitalist".

The capitalist economists are not saying what I hear from who I believe are the best economists, and that is, Bernie's plan is exactly what this ailing, crashing, unequal economy needs.

This election is like watching a bunch of drunks who can't wait for their next drink. Little do they know, there's a better life.

[Trajan]

5. The original news report identified these people as ..

... 'Liberal Economists' ...., which is a blatant lie ... These are NOT Liberals, but are Third Way adherents, instead, who already support Hillary (or worse) ...

http://www.nytimes.com/politics/first-draft/2016/02/17/liberal-economists-raise-more-concerns-about-bernie-sanderss-spending-plans/?_r=0

[Kalidurga]

6. Alan Krueger, Austan Goolsbee, Christina Romer, and Laura D'Andrea Tyson

You know what these people gave us? I do because I have seen my family and myself live it. We got a reduction in real wages and for that we were expected to work twice as hard because that is what you do when you are working with a skeleton crew.