The "Biden-Trump Showdown" first debate is coming soon! 16 Nobel laureates warn: Trump's policies will exacerbate inflation
16 Nobel laureates jointly signed an open letter, warning that Trump's economic plan will exacerbate inflation, and Biden's economic agenda is superior to Trump's. They believe that Trump's second term will have a negative impact on the United States' economic status and domestic economic stability. In addition, Trump's trade policies, including tariffs, will worsen inflation. This issue will be a major topic of the first presidential candidate debate between Biden and Trump on Thursday
According to the Economic Times app, 16 Nobel laureates in economics jointly signed an open letter on Tuesday, warning that if Republican presidential candidate Donald Trump wins the US presidential election in November, the US and global economy will be affected.
Economists in the letter stated that the economic agenda of Democratic presidential candidate Biden is "far superior" to that of former Republican President Trump.
The economists expressed concerns that Trump's economic plan would reignite inflation, in part because of his pledge to impose stricter tariffs on imported goods, which would raise prices for many goods purchased by American consumers.
"While each of us has different views on various economic policies, we all agree that Joe Biden's economic agenda is far superior to Donald Trump's," the economists wrote in the letter.
"We believe that a second term for Trump will have a negative impact on America's economic position in the world, as well as on domestic economic stability."
Prominent economists who signed the letter include 2001 Nobel laureate Joseph Stiglitz and 2015 Nobel laureate Sir Angus Deaton.
The outcome of the 2024 US election remains uncertain. Polls show Biden and Trump neck and neck.
Despite an overall slowdown in US inflation over the past two years, surveys show that many American consumers are still unhappy with rising prices for food, gasoline, and other goods.
Trump has promised tariffs on foreign imports, and economists warn that this cost will be passed on to American consumers in the form of price increases.
Economists in the letter stated: "Many Americans are concerned about inflation. There is reason to worry that Donald Trump's irresponsible fiscal budget will reignite this inflation."
The US economy will be a major topic of the first presidential candidate debate between Biden and Trump on Thursday. Trump will blame high prices and inflation on Biden, while Biden claims that Trump's trade policies, including tariffs, will exacerbate inflation