Posted on 06/26/2024 8:41:43 AM PDT by algore
A group of 16 Nobel prize-winning economists have issued a stark warning that inflation would be worse under Donald Trump.
The former president would reignite inflation and cause lasting harm to the US economy, the Nobel laureates said in a letter first obtained by Axios.
'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,' the letter read.
The warning was spearheaded by American economist Joseph Stiglitz, who won the prestigious honor for economics in 2001.
Inflation remains a hot topic for voters ahead of the presidential election in November, and Trump has long used criticism of so-called 'Bidenomics' as a way to gather support.
The economists wrote: 'We believe that a second Trump term would have a negative impact on the US's economic standing in the world, and a destabilizing effect on the US's domestic economy.'
'Many Americans are concerned about inflation, which has come down remarkably fast.
There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets,' they continued.
The annual rate of inflation fell slightly to 3.3 percent in May - down from the month prior.
This is down from a 40-year high of 9.1 percent in June 2022, but still above the Federal Reserve's 2 percent target.
Stiglitz was joined in his warning by fellow Nobel laureates George A. Akerlof, Sir Angus Deaton, Claudia Goldin, Sir Oliver Hart, Eric S. Maskin, Daniel L. McFadden, Paul R. Milgrom, Roger B. Myerson, Edmund S. Phelps, Paul M. Romer, Alvin E. Roth, William F. Sharpe, Robert J. Shiller, Christopher A. Sims, and Robert B. Wilson.
(Excerpt) Read more at dailymail.co.uk ...
Is this anything like the group of 51 intelligence officers who were giving us advice about the 2020 election? Hard pass...
They are really worried to pull this BS agin. Are those 16 people actually still alive ?
“nobels exclamate”
To bad the Babylon Bee can’t rip off the title.
“Reignite inflation”
Are they saying inflation has been low since January of 2021 but Trump will cause it to skyrocket once again?
This level of prevarication is no longer tenable. Our society will collapse under this load of falsehoods.
Outside of academia, and a small slice of that, no one knows who these people are, and frankly, NO ONE CARES!
Why is it that so many of these types of pronouncements are 100% backwards. Do they not see the inflation that came with and continued with Biden? Both caused debt to go up, but only Biden resulted in inflation. Gas, eggs, bacon, beef, McDonalds, everything...
The dirty little secret of economics is that a large number of economics luminaries are left-wingers. Paul Samuelson, a Nobelist, famously thought the Russians would prevail in the Cold War. While Russian ineptitude is in part responsible for Communism’s failures - East Germany always having had the strongest economy in the postwar Russian empire - the fact is centrally-controlled economies are inherently inefficient, whether that control is exerted via Marxist cadres or royal monopolies. That an eminent Nobelist like Samuelson failed to see this suggests that the profession is riddled with specialists who can’t see the forest for the trees.
sounds like it
I remember about 3% inflation under Trump...
Under Biden its more like 20% per year. compounded
That is why everything costs double in just 3 short years
A yeah, the “experts” ruse. Are we still this stupid?
Exactly. There is gigantic chasm b/w academics and the real world. I know and deal with many. Economists are particularly bad. Academic ones are far more likely to be wrong than right. They are laughable in their ignorance. I beat several in a “game” predicting many economic indicators consistently. One worked for Alan Greenspan and he is ALWAYS completly wrong, not even close.
How has it been under Biden so far... vs Trump? Duh. These guys are idiots.
They are propagandists. Nothing more.
They can say whatever they want, but Biden’s economic legacy is one of high inflation. Every time someone goes shopping they feel the pinch of Bidenomics. They can’t change that.
What the hell does a Nobel prize winning “economist” actually do to win a Nobel prize? Make a run up to Oslo?
Nobel prize means nothing but a Leftest Lackey
While I was pursuing a Masters degree in accounting, years ago, we students recounted a story about a rich man in search of a brain transplant. He was offered the brain of a lawyer for $5,000; the brain of an accountant for $10,000; and the brain of an economist for $100,000. The potential buyer asked “Why is the brain of the economist so expensive?”. “Because it’s never been used.” Came the reply.
You can't fool me with a Babylon Bee article!
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