Sixteen Nobel Prize-winning economists have signed a letter warning that the re-election of former United States President Donald Trump would harm the US economy and lead to higher prices for consumers.
In the letter released on Tuesday, the economists stated that the Republican candidate would create instability and revive high inflation with his “fiscally irresponsible budgets.”
“Among the most important determinants of economic success are the rule of law and economic and political certainty. For a country like the US, which is embedded in deep relationships with other countries, conforming to international norms and maintaining stable relationships with other countries is also crucial,” the letter said.
“Donald Trump and the unpredictability of his actions and policies threaten this stability and the US’s standing in the world.”
The signatories also praised President Joe Biden’s economic record, highlighting a “remarkably strong and equitable” recovery in the labor market since the COVID-19 pandemic.
“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 economists said.
“In his first four years as President, Joe Biden signed into law major investments in the US economy, including in infrastructure, domestic manufacturing, and climate initiatives. These investments are likely to increase productivity and economic growth while lowering long-term inflationary pressures and facilitating the clean energy transition.”
The signatories of the letter, first reported by Axios, include Columbia University Professor Joseph Stiglitz, Yale Professor Robert Shiller, and Sir Angus Deaton. Trump and Biden, a Democrat, are running neck and neck in opinion polls ahead of their first presidential debate on Thursday.
However, prospective voters have repeatedly rated Trump as more trustworthy on the economy.
