217 Professors demand corrective action from president now

[Guest guest]

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FYI -- Makes me wonder if these 217 high profile and

prestiguous colleges and professors will pierce GWB's

mindset and his cartel (and followers) who have caused

such disastrous economic policies.

 

The original letter was 186 Professors. As of October 4

the list has increased to include a total of 217 Professors!!!!

 

WAKE UP PEOPLE. This election is NO longer about

Republicans vs. Democrats. This is about stable and

capable leadership.

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http://www.openlettertothepresident.org/

(click on here for additional names added as of 10-4-04)

The "below" letter to the president was endorsed

by numerous professors from each of the following schools

(see endorsements list at end of letter):The Wharton School, University of PennsylvaniaSchool of Business, University of Wisconsin-MadisonHarvard Business SchoolMIT Sloan School of ManagementGraduate School of Business, Stanford UniversityCarroll School of Management, Boston CollegeMarshall School of Business, University of Southern CaliforniaCollege of Business Administration, Marquette UniversityMcCombs School of Business, University of Texas at AustinKenan-Flagler Business School, University of North CarolinaKogod School of Business, American UniversityTerry College of Business, University of GeorgiaFreeman School of Business, Tulane UniversityCarlson School of Management, University of MinnesotaUCLA Anderson School of ManagementFlorida International UniversityRutgers Business School--Newark and New BrunswickUniversity of Michigan Business SchoolDaniels College of Business, University of DenverGraziadio School of Business and Management, Pepperdine UniversityDarden Graduate School of Business Administration, University of VirginiaCollege of Business, San Francisco State UniversityTuck School of Business at DartmouthBoston University School of ManagementSmeal College of Business Administration, The Pennsylvania State UniversityCollege of Business, Colorado State UniversitySchool of Business, College of William & MaryCollege of Business, University of South FloridaCollege of Business, Marquette UniversityStern School of Business, New York UniversityKatz Graduate School of Business, University of PittsburghDepartment of Management, University of Massachusetts, BostonFuqua School of Business, Duke UniversityCollege of Business, University of CincinnatiCollege of Business Administration & Economics, New Mexico State UniversityYale School of Management and Political Science DepartmentGraduate School of Business, Stanford UniversityBoston University School of ManagementKellogg School of Management, Northwestern UniversityLundquist College of Business, University of OregonLeavey School of Business, Santa Clara UniversityTuck School of Business at DartmouthEller College of Management, University of ArizonaCollege of Business, San Francisco State UniversityGraduate School of Business, Columbia UniversityCollege of Business Administration, University of Central FloridaGraduate School of Management, University of California, IrvineRichard T. Farmer School of Business, Miami UniversityUCLA Anderson School of ManagementCollege of Business Administration, Northeastern UniversityFuqua School of Business, Duke UniversityCollege of Business and Technology, Benedictine UniversityW.P. Carey School of Business, Arizona State UniversityGraduate School of Business, Columbia UniversityBoston University School of ManagementCollege of Business Administration, Florida International UniversityEller College of Management, University of ArizonaTerry College of Business, University of GeorgiaBusiness School, University of Colorado at Denverhttp://www.openlettertothepresident.org/"Open Letter to President George W. Bush" October 4, 2004Dear Mr. President:As professors of economics and business, we are

concerned that U.S. economic policy has taken a

dangerous turn under your stewardship. Nearly

every major economic indicator has deteriorated

since you took office in January 2001. Real GDP

growth during your term is the lowest of any

presidential term in recent memory. Total non-farm employment has contracted and the unemployment

rate has increased. Bankruptcies are up sharply,

as is our dependence on foreign capital to finance

an exploding current account deficit. All three major stock indexes are lower now than at the time of your

inauguration. The percentage of Americans in poverty

has increased, real median income has declined, and

income inequality has grown. The data make clear that your policy of slashing taxes

– primarily for those at the upper reaches of the income

distribution – has not worked. The fiscal reversal that

has taken place under your leadership is so extreme

that it would have been unimaginable just a few

years ago. The federal budget surplus of over $200

billion that we enjoyed in the year 2000 has disappeared,

and we are now facing a massive annual deficit of over

$400 billion. In fact, if transfers from the Social

Security trust fund are excluded, the federal deficit

is even worse – well in excess of a half a trillion dollars

this year alone. Although some members of your

administration have suggested that the mountain of new

debt accumulated on your watch is mainly the consequence

of 9-11 and the war on terror, budget experts know

that this is simply false. Your economic policies have

played a significant role in driving this fiscal collapse.

And the economic proposals you have suggested for a

potential second term – from diverting Social Security

contributions into private accounts to making the recent

tax cuts permanent – only promise to exacerbate the

crisis by further narrowing the federal revenue base.These sorts of deficits crowd out private investment and

are politically addictive. They also place a heavy burden

on monetary policy – and create additional pressure for

higher interest rates – by stoking inflationary expectations.

If your economic advisers are telling you that these deficits

can be defeated through further reductions in tax rates,

then you need new advisers. More robust economic growth

could certainly help, but nearly every one of your

administration's economic forecasts – both before and after

9-11 – has proved overly optimistic. Expenditure cuts could

be part of the answer, but your record so far has been

one of increasing expenditures, not reducing them. What is called for, we believe, is a dramatic reorientation

of fiscal policy, including substantial reversals of your tax

policy. Running a budget deficit in response to a short bout

of recession is one thing. But running large structural deficits

over a long period is something else entirely. We therefore

urge you to consider the fiscal realities we now face and

the substantial burden they are placing on our economy. We also urge you to consider the distributional consequences

of your policies. Under your administration, the income gap

between the most affluent Americans and everyone else

has widened. Although the latest data reveal that real

household incomes have dropped across the board since

you took office, low and middle income households have

experienced steeper declines than upper income households.

To be sure, the general phenomenon of mounting inequality

preceded your administration, but it has continued (and, by

some accounts, intensified) over the past three and a half

years. Some degree of inequality is inherent in any free market

economy, creating positive incentives for economic and

technological advancement. But when inequality becomes

extreme, it can be socially corrosive and economically

dysfunctional. Problems of this sort are visible throughout

much of the developing world. At the moment, the most

commonly accepted measure of inequality – the so-called

Gini coefficient – is far higher in the United States than

in any other developed country and is continuing to move

upward. We don't know where the breakpoint is for the

U.S., but we would rather not find out. With all due

respect, we believe your tax policy has exacerbated the

problem of inequality in the United States, which has

worrisome implications for the economy as a whole. We

very much hope you will take this threat to our nation

into account as you consider new fiscal approaches to

address the nation's most pressing economic problems.Sensible and farsighted economic management requires

true discipline, compassion, and courage – not just slogans.

Given the tenuous state of the American economy, we

believe that the time for an honest assessment of the

problem and for genuine corrective action is now. Ignoring the fiscal crisis that has taken hold during your

presidency may seem politically appealing in the short run,

but we fear it could ultimately prove disastrous. From a

policy standpoint, the clear message is that more of the

same won't work. The warning signs are already visible,

and it is incumbent upon all of us to pay attention.

Respectfully submitted, Francis AguilarProfessor of Business Administration, EmeritusHarvard Business SchoolRamon J. AldagGlen A. Skillrud Family Chair in BusinessSchool of Business, University of Wisconsin-MadisonTeresa M. AmabileEdsel Bryant Ford Professor of Business AdministrationHarvard Business SchoolKenneth R. AndrewsDavid K. Donald Professor of Business Administration, EmeritusHarvard Business SchoolJames E. AustinEliot I. Snider and Family Professor of Business AdministrationHarvard Business SchoolJoseph L. BadaraccoJohn Shad Professor of Business EthicsHarvard Business SchoolLotte BailynT. Wilson (1953) Professor of ManagementMIT Sloan School of ManagementGeorge P. BakerHerman C. Krannert Professor of Business AdministrationHarvard Business SchoolLouis B. BarnesJohn D. Black Professor, EmeritusHarvard Business SchoolJames N. BaronWalter Kenneth Kilpatrick Professor of Organizational Behavior and Human ResourcesGraduate School of Business, Stanford UniversityJean M. BartunekRobert A. and Evelyn J. Ferris Chair, Professor of Organization StudiesCarroll School of Management, Boston CollegeYehuda BassockProfessorMarshall School of Business, University of Southern CaliforniaThomas A. BauschProfessorCollege of Business Administration, Marquette UniversityMax H. BazermanJesse Isidor Straus Professor of Business AdministrationHarvard Business SchoolCynthia BeathProfessor EmeritusMcCombs School of Business, University of Texas at AustinMichael BeerCahners-Rabb Professor of Business Administration, EmeritusHarvard Business SchoolJack N. BehrmanLuther Hodges Distinguished Professor, EmeritusKenan-Flagler Business School, University of North CarolinaNorman A. BergMBA Class of 1958 Professor of Business Administration, EmeritusHarvard Business SchoolBarbara BirdAssociate Professor of ManagementKogod School of Business, American UniversityJohn E. BishopProfessor of Business Administration, EmeritusHarvard Business SchoolRobert B. BostromL. Edmund Rast Professor of BusinessTerry College of Business, University of GeorgiaJoseph L. BowerDonald K. David Professor of Business AdministrationHarvard Business SchoolStephen P. BradleyWilliam Ziegler Professor of Business AdministrationHarvard Business SchoolArthur P. BriefLawrence Martin Professor of BusinessFreeman School of Business, Tulane UniversityPhilip BromileyCurtis L. Carlson Chair in Strategic ManagementCarlson School of Management, University of MinnesotaAlfred D. ChandlerIsidor Straus Professor of Business History, EmeritusHarvard Business SchoolChao C. ChenProfessorRutgers Business School, Rutgers UniversityCharles J. CorbettAssociate Professor of Operations Management and Environmental ManagementUCLA Anderson School of ManagementThomas G. CummingsProfessorMarshall School of Business, University of Southern CaliforniaMichael CusumanoSloan Management Review Distinguished ProfessorMIT Sloan School of ManagementFariborz DamanpourProfessorRutgers Business SchoolJose de la TorreDean, Chapman Graduate School of BusinessFlorida International UniversityJohn A. DeightonHarold M. Brierley Professor of Business AdministrationHarvard Business SchoolRohit DeshpandeSebastian S. Kresge Professor of MarketingHarvard Business SchoolNancy DiTomasoProfessorRutgers Business School--Newark and New BrunswickJane E. DuttonProfessorUniversity of Michigan Business SchoolAmy C. EdmondsonProfessorHarvard Business SchoolBenjamin C. EstyProfessor of Business AdministrationHarvard Business SchoolRonald F. FariñaAssociate ProfessorDaniels College of Business, University of DenverAnn E. FeyerhermAssociate Professor of Organization and ManagementGraziadio School of Business and Management, Pepperdine UniversityJames A. FitzsimmonsWilliam H. Seay Centennial Professor of BusinessMcCombs School of Business, University of Texas at AustinJames W. FredricksonTom E. Nelson, Jr. Regents Professor of BusinessMcCombs School of Business, University of Texas at AustinSherwood C. Frey, Jr.Ethyl Corporation Professor of Business AdministrationDarden Graduate School of Business Administration, University of VirginiaCynthia V. FukamiProfessorDaniels College of Business, University of DenverPankaj GhemawatJaime and Josefina Chua Tiampo Professor of Business AdministrationHarvard Business SchoolStephen M. GilbertAssociate ProfessorMcCombs School of Business, University of Texas at AustinJames R. Glenn, Jr.Professor of ManagementCollege of Business, San Francisco State UniversityLeslie E. GraysonIsidore Horween Research Professor, EmeritusDarden Graduate School of Business Administration, University of VirginiaJerry R. GreenDaniel A. Wells Professor of Political Economy, John Leverett Professor in the UniversityHarvard Business SchoolLeonard GreenhalghProfessor of ManagementTuck School of Business at DartmouthDouglas T. HallProfessor of Organizational BehaviorBoston University School of ManagementDonald C. HambrickSmeal Chaired Professor of ManagementSmeal College of Business Administration, The Pennsylvania State UniversityRebecca M. HendersonEastman Kodak LFM ProfessorMIT Sloan School of ManagementLinda A. HillWallace Brett Donham Professor of Business AdministrationHarvard Business SchoolRaymond HoglerProfessor of ManagementCollege of Business, Colorado State UniversityYasheng HuangAssociate Professor of International ManagementMIT Sloan School of ManagementMariann JelinekThe Richard C. Kraemer Professor of Business StrategySchool of Business, College of William & MaryDavid B. JemisonFoster Parker Centennial Professor of Management and FinanceMcCombs School of Business, University of Texas at AustinJohn M. JermierExide Professor of Sustainable Enterprise ResearchCollege of Business, University of South FloridaShulamit KahnAssociate ProfessorBoston University School of ManagementKate M. KaiserAssociate ProfessorCollege of Business, Marquette UniversityRosabeth M. KanterErnest L. Arbuckle Professor of Business AdministrationHarvard Business SchoolSteven O. KimbroughProfessorThe Wharton School, University of PennsylvaniaStephen J. KobrinWurster Professor of Multinational ManagementThe Wharton School, University of PennsylvaniaThomas A. KochanGeorge Maverick Bunker Professor of Work and Employment RelationsMIT Sloan School of ManagementNancy F. KoehnJames E. Robison Professor of Business AdministrationHarvard Business SchoolHoward KunreutherCecilia Yen Koo Professor of Decision Sciences and Public PolicyThe Wharton School, University of PennsylvaniaRajiv LalStanley Roth, Sr. Professor of RetailingHarvard Business SchoolTheresa LantAssociate Professor of ManagementStern School of Business, New York UniversityPaul R. LawrenceWallace Brett Donham Professor of Organizational Behavior, EmeritusHarvard Business SchoolCarrie R. LeanaProfessor of Business Administration and of Public and International AffairsKatz Graduate School of Business, University of PittsburghDorothy A. LeonardWilliam J. Abernathy Professor of Business Administration, EmeritaHarvard Business SchoolHerman B. LeonardProfessor of Business AdministrationHarvard Business SchoolDonald R. LessardEpoch Foundation Professor of International ManagementMIT Sloan School of ManagementDaniel A. LevinthalJulian Aresty Professor of Management and EconomicsThe Wharton School, University of PennsylvaniaDavid LevyProfessor of ManagementDepartment of Management, University of Massachusetts, BostonE. Allan LindThomas A. Finch Professor of Business AdministrationFuqua School of Business, Duke UniversityRichard M. LockeAlvin J. Siteman Professor of Entrepreneurship and Political ScienceMIT Sloan School of ManagementGeorge C. LodgeJaime and Josefina Chua Tiampo Professor of Business Administration, EmeritusHarvard Business SchoolJay W. LorschLouis E. Kirstein Professor of Human RelationsHarvard Business SchoolMichael MagazineProfessorCollege of Business, University of CincinnatiMichael R. ManningProfessor of ManagementCollege of Business Administration & Economics, New Mexico State UniversityTheodore R. MarmorProfessor of Public Policy and ManagementYale School of Management and Political Science DepartmentJoanne MartinMerrill Professor of Organizational BehaviorGraduate School of Business, Stanford UniversityThomas K. McCrawIsidor Straus Professor of Business HistoryHarvard Business SchoolAnita M. McGahanProfessor and Everett W. Lord Distinguished Faculty ScholarBoston University School of ManagementKathleen L. McGinnCahners-Rabb Professor of Social and Organizational PsychologyHarvard Business SchoolRobert P. McGowanProfessorDaniels College of Business, University of DenverRobert C. MertonJohn and Natty McArthur University ProfessorHarvard Business SchoolDavid M. MessickKaplan Professor of Ethics and Decision in ManagementKellogg School of Management, Northwestern UniversityAlan D. MeyerCharles H. Lundquist Professor of Entrepreneurial ManagementLundquist College of Business, University of OregonMarshall W. MeyerRichard A. Sapp Professor, Professor of Management and SociologyThe Wharton School, University of PennsylvaniaRichard F. MeyerThomas D. Casserly, Jr. Professor of Business Administration, EmeritusHarvard Business SchoolIan MitroffHarold Quinton Distinguished Professor of Business Policy Marshall School of Business, University of Southern CaliforniaCynthia A. MontgomeryTimken Professor of Business AdministrationHarvard Business SchoolDavid A. MossJohn G. McLean Professor of Business AdministrationHarvard Business SchoolJ. Keith MurnighanHarold H. Hines, Jr. Distinguished Professor of Risk ManagementKellogg School of Management, Northwestern UniversitySteven NahmiasProfessorLeavey School of Business, Santa Clara UniversityBarry NalebuffMilton Steinbach Professor of ManagementYale School of ManagementDas NarayandasProfessor of Business AdministrationHarvard Business SchoolPaul NewmanClark W. Thompson, Jr. Chair in AccountingMcCombs School of Business, University of Texas at AustinWilliam OcasioJohn L. and Helen Kellogg Distinguished Professor of Management and OrganizationsKellogg School of Management, Northwestern UniversityPaul OstermanNTU Professor of Human Resources and ManagementMIT Sloan School of ManagementLynn S. PaineJohn G. McLean Professor of Business AdministrationHarvard Business SchoolJohannes M. PenningsMarie and Joseph Melone ProfessorThe Wharton School, University of PennsylvaniaMargaret PeterafAssociate Professor of Business AdministrationTuck School of Business at DartmouthJoel PodolnyNovartis Professor of Leadership and ManagementHarvard Business SchoolJohn W. PrattWilliam Ziegler Professor of Business Administration, EmeritusHarvard Business SchoolDrazen PrelecProfessor of Management ScienceMIT Sloan School of ManagementKeith G. ProvanEller Professor of Public Administration & PolicyEller College of Management, University of ArizonaRonald E. PurserProfessor of ManagementCollege of Business, San Francisco State UniversityRoy RadnerL. N. Stern School Professor of BusinessStern School of Business, New York UniversityDaniel RaffAssociate Professor of ManagementThe Wharton School, University of PennsylvaniaHoward RaiffaFrank Plumpton Ramsey Professor of Managerial Economics, EmeritusHarvard Business SchoolV. Kasturi RanganMalcolm P. McNair Professor of MarketingHarvard Business SchoolStefan H. RobockR. D. Calkins Professor of International Business, EmeritusGraduate School of Business, Columbia UniversityDavid RogersProfessor Emeritus of Management and SociologyStern School of Business, New York UniversityJohn W. RosenblumDean EmeritusDarden Graduate School of Business Administration, University of VirginiaLori RosenkopfAssociate Professor of ManagementThe Wharton School, University of PennsylvaniaWalter J. SalmonStanley Roth, Sr. Professor of Retailing, EmeritusHarvard Business SchoolCarol SaundersProfessor of MISCollege of Business Administration, University of Central FloridaMelissa A. SchillingAssociate ProfessorStern School of Business, New York UniversityArthur Schleifer, Jr.James J. Hill Professor of Business Administration, EmeritusHarvard Business SchoolClaudia B. SchoonhovenProfessor of Organization and StrategyGraduate School of Management, University of California, IrvineBruce R. ScottPaul W. Cherington Professor of Business AdministrationHarvard Business SchoolMichael S. Scott-MortonJay W. Forester Professor of Management, EmeritusMIT Sloan School of ManagementJames K. SebeniusGordon Donaldson Professor of Business AdministrationHarvard Business SchoolBenson P. ShapiroMalcolm P. McNair Professor of Marketing, EmeritusHarvard Business SchoolRoy D. ShapiroPhilip Caldwell Professor of Business AdministrationHarvard Business SchoolWilliam F. SharpeSTANCO 25 Professor of Finance, EmeritusStanford Business SchoolWilliam W. SihlerRonald E. Trzcinski Professor of Business AdministrationDarden Graduate School of Business Administration, University of VirginiaAlvin J. SilkLincoln Filene Professor of Business Administration, EmeritusHarvard Business SchoolHarbir SinghEdward H. Bowman Professor of ManagementThe Wharton School, University of PennsylvaniaJitendra V. SinghSaul P. Steinberg Professor of ManagementThe Wharton School, University of PennsylvaniaSim B. SitkinAssociate ProfessorFuqua School of Business, Duke UniversityWilliam B. SnavelyProfessor of ManagementRichard T. Farmer School of Business, Miami UniversityOlav SorensonAssociate ProfessorUCLA Anderson School of ManagementDebora L. SparSpangler Family Professor of Business AdministrationHarvard Business SchoolBert A. SpectorAssociate Professor of Human Resources ManagementCollege of Business Administration, Northeastern UniversityRichard StaelinEdward and Rose Donnell Professor of Business AdministrationFuqua School of Business, Duke UniversityWilliam H. StarbuckITT Professor of Creative ManagementStern School of Business, New York UniversityJohn StermanJay W. Forester Professor of ManagementMIT Sloan School of ManagementRichard S. TedlowMBA Class of 1949 Professor of Business AdministrationHarvard Business SchoolRamkrishnan V. TenkasiProfessor of Organization ChangeCollege of Business and Technology, Benedictine UniversityDavid A. ThomasNaylor Fitzhugh Professor of Business AdministrationHarvard Business SchoolWilliam R. TorbertProfessorCarroll School of Management, Boston CollegeAnne S. TsuiMotorola ProfessorW.P. Carey School of Business, Arizona State UniversityMichael L. TushmanPaul R. Lawrence MBA Class of 1942 Professor of Business AdministrationHarvard Business SchoolKarl T. UlrichProfessor of Operations and Information ManagementThe Wharton School, University of PennsylvaniaGarrett J. van RyzinPaul M. Montrone Professor of Private EnterpriseGraduate School of Business, Columbia UniversityN. Venkat VenkatramanDavid J. McGrath Jr. Professor of ManagementBoston University School of ManagementRichard H. K. VietorSenator John Heinz Professor of Environmental ManagementHarvard Business SchoolMary Ann Von GlinowResearch ProfessorCollege of Business Administration, Florida International UniversitySandra WaddockProfessor of ManagementCarroll School of Management, Boston CollegeMelanie WallendorfEller Professor of MarketingEller College of Management, University of ArizonaRichard T. WatsonJ. Rex Fuqua Distinguished Chair for Internet StrategyTerry College of Business, University of GeorgiaDavid WeilAssociate Professor of EconomicsBoston University School of ManagementLouis T. WellsHerbert F. Johnson Professor of International ManagementHarvard Business SchoolPatricia H. WerhaneRuffin Professor of Business EthicsDarden Graduate School of Business Administration, University of VirginiaBirger WernerfeltJ. C. Penney Professor of Management ScienceMIT Sloan School of ManagementD. Eleanor WestneySociety of Sloan Fellows Chair in ManagementMIT Sloan School of ManagementJames D. WestphalEd and Molly Smith Chair in Business AdministrationMcCombs School of Business, University of Texas at AustinRobert B. WilsonAdams Distinguished Professor of Management, EmeritusStanford Business SchoolSid WinterDeloitte and Touche Professor of ManagementThe Wharton School, University of PennsylvaniaJoAnne YatesSloan Distinguished Professor of ManagementMIT Sloan School of ManagementDavid B. YoffieMax and Doris Starr Professor of International Business AdministrationHarvard Business SchoolAbraham ZaleznikKonosuke Matsushita Professor of Leadership, EmeritusHarvard Business SchoolRay ZammutoProfessor of ManagementBusiness School, University of Colorado at DenverPaul H. ZipkinThe T. Austin Finch, Sr. Professor of BusinessFuqua School of Business, Duke UniversityThe above tenured or emeritus professors have signed in their individual capacities. The letter represents the signers' own views, not those of the institutions with which they are affiliated. . .

(si-c)

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