Sixteen Nobel laureate economists caution that a second term for Donald Trump could harm the U.S. and global economy. They endorse Joe Biden’s economic agenda as vastly superior.
United States, Bollywood Fever: Sixteen Nobel Prize-winning economists issued a stark warning on Tuesday, stating that the U.S. and global economy will suffer if Republican presidential candidate Donald Trump wins the 2024 U.S. presidential election. The jointly signed letter, first reported by Axios, argues that President Joe Biden’s economic agenda is “vastly superior” to that of Trump, who is seeking a second term.
The economists highlighted concerns that Trump’s economic plans could reignite inflation, particularly due to his pledge to impose stiffer tariffs on Chinese imports. They argue these tariffs will increase prices on many goods bought by U.S. consumers, exacerbating inflationary pressures.
“While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump’s,” the letter states. “We believe that a second Trump term would have a negative impact on the U.S.’s economic standing in the world, and a destabilizing effect on the U.S.’s domestic economy.”
Among the signatories are prominent economists such as Joseph Stiglitz, who won the Nobel Prize for economics in 2001, and Sir Angus Deaton, a Nobel laureate in 2015.
As the election race between Biden and Trump remains close, the outcome will likely be decided by voters in key battleground states, which have historically swung between Republican and Democratic preferences. Public opinion polls indicate that many U.S. consumers are still unhappy with high prices for essentials like food, gas, and other goods, despite a slowdown in headline inflation over the past two years.
Trump has proposed imposing tariffs on foreign imports, with tariffs on Chinese goods potentially reaching 60%. The economists warn that such costs will ultimately be passed on to U.S. consumers in the form of higher prices. “Many Americans are concerned about inflation, which has come down remarkably fast. There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets,” the letter asserts.
The Trump campaign has yet to respond to the letter. However, James Singer, a Biden campaign spokesperson, described Trump’s economic agenda as dangerous.
The U.S. economy is set to be a major theme in the upcoming presidential debate between Biden and Trump on Thursday. While Trump blames Biden for high prices and inflation, Biden argues that Trump’s trade policies, particularly tariffs, will exacerbate inflation.
As the election approaches, the endorsement from these Nobel laureates underscores the significant economic implications of the candidates’ proposed policies.
Also Read, Dagestan on High Alert After Reports of Armed Man in Makhachkala Amid Recent Violence
Key Witness in Holly Bobo Case, Jason Autry, Sentenced to 19 Years on Federal Weapons Charges
George Latimer Defeats Jamaal Bowman in NY Democratic Primary
