Economists have long helped to shape policy on issues like taxes and health care. But flawed forecasts and arcane language have cost them credibility.The New York Times reports that economists have long played a crucial role in shaping policy on important issues such as taxes and health care. However, their credibility has been damaged by flawed forecasts and the use of complex language.
During a panel discussion at a recent economics conference in San Francisco, Jason Furman, a former adviser to President Barack Obama, jokingly told Kimberly Clausing, a former member of the Biden administration and author of a book promoting free trade, that while everyone in the room agreed with her book, no one outside of the room did. This remark highlights the current state of economists’ influence on policy, despite their years of expertise and experience.
Even though free trade is a widely accepted principle among economists, the American public voted for a president, Donald J. Trump, who has expressed his support for tariffs and views trade through a mercantilist lens, which is considered outdated by economists. His successor, Joseph R. Biden, also did not fully embrace free trade, as he maintained many of the tariffs imposed by Trump and blocked a Japanese company’s takeover of U.S. Steel, despite opposition from his own economic advisers.
It is not just trade where economists’ views differ from those of politicians. They overwhelmingly support immigration as a source of innovation and growth, while Trump’s administration has taken a hard stance on immigration, with plans to seal the border and deport unauthorized residents.
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