The most important issue in this year's election is the economy.

But as a survey of economists by the Chicago Booth School makes clear, the last people you should be listening to about how to fix the economy are the people in Washington.

Why?

Because they don't know jack about the economy.

(Or, more likely, they know something about the economy but they care a lot more about getting elected than fixing the economy, so they'll say whatever they think will get them elected.)

In any event, as Bloomberg writers Betsey Stevenson and Justin Wolfers observe in a blistering editorial, the result of this perma-campaign is that "the U.S. economic policy debate is a sham."

Economists have plenty of flaws--most glaringly with respect to their ability to make forecasts--but they also know something about the economy. So a survey of ~40 leading economists, including many of each political persuasion (Republicans, Democrats, Independents), should be taken seriously.

So here's the truth about some of the key questions about our economy, answered by people who actually know something about the economy.

1. THE EFFECTIVENESS OF THE STIMULUS

The Political Claim: The stimulus didn't reduce unemployment.

The Truth: 92% of economists think the stimulus did, in fact, reduce unemployment. In direct refutation of another political claim, more than half of economists also thought the benefits of the stimulus also exceeded the costs.

Chicago Booth School

2. THE BANK BAILOUTS

The Political Claim: The bank bailouts were a terrible idea. They were the result of corrupt politicians bailing out their rich buddies, and they punished Main Street at the expense of Wall Street.

The Truth: Almost every economist surveyed agreed that the bank bailouts reduced unemployment.

Chicago Booth School

3. HIGH GAS PRICES

The Political Claim: High gas prices are Obama's fault because he squandered money on newfangled "renewable energy" and because he refused to drill, baby, drill.

The truth: The economists unanimously agreed that higher gas prices are the result of “market factors,” not energy policy.

Chicago Booth School

4. ON TAX CUTS HELPING THE ECONOMY

The Political Claim: Cutting taxes now will lead to faster economic growth over the next five years.

The truth: No economists "strongly agree" with this claim. 35% do "agree" with it (which is certainly something). The vast majority of economists who responded to the question, however, are either "uncertain" about this or disagree with it.

Chicago Booth School

The (Related) Political Claim: Cutting taxes now will stimulate so much economic growth that the tax cuts will pay for themselves.

The truth: Not one economist believes that cutting taxes today will lead to higher government revenue in five years. Importantly, the economists believe tax cuts will not pay for themselves even if only the top tax rate is cut.

Chicago Booth School





5. ON THE REALITY OF FIXING THE BUDGET DEFICIT

The Political Claim(s): 1) Government spending is the whole problem and the budget deficit can be fixed by slashing this spending. 2) Low taxes are the problem, so the deficit can be fixed by raising them--especially on rich people.

The truth: Economists almost unanimously agree that fixing the budget crisis will require BOTH cuts in spending (specifically, Medicare and Medicaid benefits) AND increases in taxes--including increased taxes on the middle class.

Chicago Booth School

6. ON THE MORTGAGE TAX DEDUCTION

The Political Claim: This deduction makes it cheaper to own a home and therefore promotes home ownership, which is good for everyone.

The Truth: This and other popular deductions distort the market.

So, yes, the economy is a big problem for this country, and it's critical that we fix it.

Just don't look to Washington for ideas on how to do that.

SEE ALSO: And Now Let's Analyze Romney's Plan To Fix The Economy...