By Maria Ortiz
Jun 25, 2024, 18:58 PM EDT
Sixteen Nobel Prize-winning economists signed a joint letter on Tuesday warning of the economic risks they believe will occur in the United States if former President Donald Trump is re-elected to the Presidency in the 2024 elections.
“While each of us has different views on the details of different economic policies, we all agree that Joe Biden’s economic agenda is far superior to that of Donald Trump,” economists highlighted. Axios was the first to report the letter.
The letter 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 their 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,” wrote the economists.
In fact, the economy is expected to be one of the main topics in next Thursday’s first live presidential debate between 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 former president 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 that are not increased for families earning less than $400,000 annually.
Biden has presided a period of solid growth, a strong labor market and stubbornly high inflation.
Voters don’t give him much credit for the first two, but blame him for the third, telling pollsters that High prices are a major source of their economic malaise.
Keep reading:
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