More than a half century ago, the economist Arthur Okun, reflecting on his years advising presidents John F. Kennedy and Lyndon B. Johnson, wrote that “on a number of issues, a bipartisan majority of the [economics] profession would unite on the opposite side from a bipartisan majority of the Congress.” Recalling this statement recently, my first thought was that it would still be true today if Congress could muster a bipartisan majority on anything. But on second thought, there is bipartisan agreement in Congress on several major economic policy issues. It’s just on the wrong side.
Both parties have tacitly agreed to ignore the huge federal budget deficit—except in their rhetoric. With some nuances, both parties have turned protectionist on international trade. And neither party supports a carbon tax to fight climate change. On these three issues, a vast majority of economists, whether liberal or conservative, line up on the other side.
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