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Date: Fri, 05 Feb 1999 14:47:41 -0500
From: Marc-Andre Pigeon <[log in to unmask]>
Organization: Jerome Levy Economics Institute
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To: Randall Wray <[log in to unmask]>
Subject: [Fwd: New Economists' Petition]
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Randy,

Thought you might be interested in this...




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From: [log in to unmask] (Max Sawicky)
To: POST-KEYNESIAN THOUGHT <[log in to unmask]>
Subject: New Economists' Petition
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Read it and weep.

Anyone for a counter-statement?

Max Sawicky

----------------------------------------------
Opinions reflected above do not necessarily
represent those of anyone else associated
with the E.P.I.
----------------------------------------------


MASSACHUSETTS INSTITUTE OF TECHNOLOGY

DEPARTMENT OF ECONOMICS                                 50 MEMORIAL DRIVE
                                                                CAMBRIDGE MASSACHUSETTS 02142-1347

2 February 1999


Dear Fellow Economist:

We would like to invite you to join us in support of President Clinton's
proposal to save the projected federal budget surplus.  Economists have been
arguing for decades that increased national saving is the only way to
prepare for the retirement of the baby boom, and we believe that it would be
helpful for economists to endorse the President's major saving initiative.

If you are willing to add your name to the list, please sign the attached
statement and fax it to Jennifer Cloherty at (617) 552-1750.

Sincerely,



Robert Solow


Peter Diamond


Alicia Munnell
 The text of the proposed open letter is:



        PRESIDENT CLINTON'S PROPOSAL TO SAVE SURPLUSES IS GOOD ECONOMICS

President Clinton has made the correct decision in his budget proposal,
namely, to save most of the $4.4 trillion of the net budget surpluses
projected by the Administration of the next 15 years.  Instead of using this
money for tax cuts or unproductive spending, the government will use the
bulk of it to buy back government debt, reducing debt in the hands of the
public from 44 percent of GDP today to about seven percent in 2014,
according to Administrative estimates.  This will free up trillions in the
hands of private investors who will be able to lend the money to businesses
for investment in new plant and equipment.

Saving and investing now is the only real way to prepare for the retirement
of the baby boomers.  Saving now will increase the ability of the economy to
produce food, shelter and clothing in the future.  Although no one can
predict how large the budget surpluses will turn out to be, we can be sure
that saving them by reducing outstanding government debt is an excellent way
to ease the burden on future workers of supporting an aging population.



_______________________________________




Please add my name to the list of economists supporting the President's
initiative to save the projected budget surpluses.


Name (please print)   ______________________________________


Signature     _____________________________________________


Date             _____________________________________________



Signers of Open Letter Regarding President Clinton's Proposal to Save the
Budget Surplus as of 11:00 AM Feb. 5,1999.

Name and Affiliation
Aaron, Henry, The Brookings Institution
*Arrow, Kenneth, Stanford University
Baily, Martin Neil, McKinsey and Co., Inc.
Basu, Susanto, University of Michigan
Blinder, Alan, Princeton University
Bosworth, Barry, The Brookings Institution
Burtless, Gary, The Brookings Institution
De Long, J. Bradford, University of California at Berkeley
Diamond, Peter, Massachusetts Institute of Technology
Dornbusch, Rudiger, Massachusetts Institute of Technology
Duesenberry, James, Harvard University
Froot, Kenneth, Harvard University
Griliches, Zvi, Harvard University
Gruber, Jonathon, Massachusetts Institute of Technology
Haveman, Robert, University of Wisconsin
Ibbotson, Roger, Yale University
Joskow, Paul L., Massachusetts Institute of Technology
*Klein, Lawrence R., University of Pennsylvania
Levy, Frank, Massachusetts Institute of Technology
Munnell, Alicia, Boston College
Perry, George L, The Brookings Institution
Rose-Ackerman, Susan, Yale University
*Samuelson, Paul, Massachusetts Institute of Technology
Shapiro, Matthew, University of Michigan
Shiller, Bob, Yale University
*Solow, Robert, Massachusetts Institute of Technology
Summers, Anita, University of Pennsylvania
Summers, Robert, University of Pennsylvania
*Tobin, James, Yale University
Tyson, Laura D., University of California at Berkeley
Wolfe, Barbara, University of Wisconsin

_____________________________
*Nobel Prize Winner

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