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USA: 16 Nobel Prize Winners Write About Trump's Plans

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Donald Trump's second term will involve reigniting inflation and lasting damage to the US economy, warn 16 Nobel Prize winners in economics. They assess that Joe Biden's economic program is much better.

“We believe that a second Trump term would have a negative impact on the U.S. economic position in the world and a destabilizing effect on the U.S. domestic economy,” wrote 16 Nobel Prize winners in a letter made public on Tuesday, which was initiated by Joseph Stiglitz, former chief economist of the World Bank and Nobel laureate. from 2001

“Many Americans are concerned about inflation, which is falling extremely quickly. But they are rightly concerned that Trump will reignite this inflation with his fiscally irresponsible budgets,” they added.

In another fragment, the signatories say that despite different assessments of the current president's economic policy, his program is “immeasurably better” than Trump's plans.

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In addition to Stiglitz, the following people signed the letter: George Akerlof (winner in 2001), Angus Deaton (2015), Claudia Goldin (2023), Oliver Hart (2016), Eric S. Maskin (2007), Daniel McFadden (2000), Paul Milgrom (2020), Roger Myerson (2007), Edmund Phelps (2006), Paul Romer (2018), Alvin Roth (2012), William Sharpe (1990), Robert Shiller (2013), Christopher Sims (2011) and Robert Wilson ( 2020).

READ ALSO: This week's Biden-Trump debate. What will the first clash look like?

Donald Trump during a rally in PhiladelphiaSHAWN THEW/PAP/EPA

Concerns about Trump's economic plans

Among the former president's concerns are his tax plans, including extending or increasing the record taxes introduced during his first term. tax breaksfavoring the highest earners to the greatest extent, which are intended to increase debt USA by over $4 trillion. Trump even floated the idea of ‚Äč‚Äčcompletely eliminating the income tax and replacing it with tariffs on imported products, but experts do not consider this idea realistic.

Other controversial – and, according to critics, pro-inflation – ideas of the Republican candidate include the introduction of universal tariffs on all goods imported from abroad, as well as 60 percent tariffs on all products from abroad. China.

The annual rate of the headline CPI inflation in the United States has fallen over the past two years from 9.1 percent. up to 3.3 percent in May, while the PCE base rate used by the Federal Reserve is 2.75%. and is still above the 2% target set by the central bank.

Despite slowing price growth, solid economic growth, low unemployment and rising wages, a majority (68 percent) of Americans have a poor assessment of the state of the economy and blame inflation blames Biden.

However, according to the last one survey Fox News, the mood of Americans and assessments of Biden's economic policy are improving. More voters still trust Trump over Biden on the economy, but his lead has shrunk from 13 percentage points to 5 percentage points over the month.

Main photo source: SHAWN THEW/PAP/EPA

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