Sixteen intellectuals awarded the Nobel Prize in Economics warned this Tuesday that the economic measures proposed by the former president of the United States and Republican candidate, Donald Trump, would reactivate inflation and cause lasting damage to the country’s economy.
“Although each of us has different views on the particularities of economic policies, we all agree that Joe Biden’s economic agenda is vastly better than Donald Trump’s,” the academics explained in a letter obtained by the Axios website.
The writing is headed by one of the Nobel Prize winners in Economics in 2001, Joseph Stiglitz, who is joined by George A. Akerlof (2001), Angus Deaton (2015), Claudia Goldin (2023), Oliver Hart (2016), Eric S Maskin (2007), Daniel L. McFadden (2000) and Paul R. Milgrom (2020).
Closing the list are Roger B. Myerson (2007), Edmund S. Phelps (2006), Paul M. Romer (2018), Alvin E. Roth (2012), William F. Sharpe (1990), Robert J. Shiller (2013) , Christopher A. Sims (2011) and Robert B. Wilson (2020).
These experts stated in the text that a second Trump term would have “a negative impact on the economic position of the United States in the world and a destabilizing effect on the US domestic economy.” “Many Americans are worried about inflation and Donald Trump may reignite it with his fiscally irresponsible budgets,” they wrote.
In fact, the economy is expected to be one of the main topics in next Thursday’s first live presidential debate between US President Joe Biden and Donald Trump, broadcast on CNN.
Among Trump’s proposals is a minimum universal tax of 10% on imports and a 60% rate on Chinese products. In addition, the magnate promised American companies to lower their tax rate from 21% to 20% and wants to eliminate taxes on tips for workers in the leisure and hospitality sectors.
On the other hand, Biden maintains the plan to raise taxes on companies and not increase them for families that earn less than $400,000 annually.
