Economists warn

raising taxes
will hurt the economy.
D espite some news reports, not all economists believe increasing taxes is the best way to overcome
Washington state’s budget deficit.

In fact, we believe that raising taxes during a recessionary period is contrary to responsible economic
policy and instead will thwart the state’s economic recovery. Leaving earnings in the hands of individuals
and businesses is the best way to help grow the private sector, create jobs and lead to higher levels of
consumption.

Increasing taxes at this time will shift necessary capital from the private sector to the public sector, thereby
depriving private enterprise of the source of true economic growth and making Washington state even less
competitive for new businesses and jobs.

Higher taxes will depress the short-term economic growth needed to bring Washington out of the
recession and will reduce prosperity in the medium and long-term.

Signed by the following state and national economists:

Doug Berg James W. Henderson Barry Poulson

Assistant Prof. of Economics Prof. of Economics Prof. of Economics
Sam Houston State University Baylor University University of Colorado at Boulder

Noel Campbell Christopher R. Inama Peter Saunders

Associate Prof. of Economics Adjunct Prof. of Management and Economics Prof. of Economics
University of Central Arkansas Golden Gate University, San Francisco Central Washington University

Andrew Chamberlain Barry Keating Stephen Shmanske

Chief Economist and Principal Prof. of Finance Prof. of Economics
Chamberlain Economics, LLC University of Notre Dame California State University, East Bay

Boyd Collier Arthur B. Laffer Richard Sweeney

Prof., Dept. of Accounting, Finance, & Economics Founder and Chairman Chair of International Finance
Tarleton State University Laffer Associates Georgetown University

Thomas Cook Glenn MacDonald Michael Welker

Economics Instructor Prof. of Economics and Strategy Prof., Dept. of Accounting, Business Administration,
Seattle Washington University in St. Louis & Economics
Franciscan University of Steubenville
Kirby R. Cundiff Yuri N. Maltsev
Associate Prof. of Finance Prof. of Economics Douglas Wills
Northeastern State University Carthage College Associate Prof. of Economics
University of Washington - Tacoma
Frank Falero Andrea Mays (Griffith)
Prof. of Economics (Emeritus) Lecturer in Economics Wayne Winegarden
California State University California State University, Long Beach Senior Economist
Arduin, Laffer & Moore Econometrics LLC
Dave Garthoff Tom Means
Lecturer in Economics Director, Center for Economic Education Gary Wolfram
The University of Akron San Jose State University Prof. of Economics and Public Policy
Hillsdale College
Ernie Goss Adrian Moore
Prof. of Economics Vice President, Reason Foundation Richard Zerbe
Creighton University PhD, Economics, University of California Irvine Associate Dean for Academics
Daniel J. Evans School of Public Affairs
Dennis Halcoussis David B. Mustard University of Washington
Prof. of Economics Associate Prof. of Economics PhD, Economics, Duke University
California State University, Northridge University of Georgia
Affiliations are listed solely for identification purposes.
Stephen Happel Judd Patton
Prof. of Economics Prof. of Economics
Arizona State University Bellevue University, NE

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