Former President Donald Trump (left) and Vice President Kamala Harris
Reuters
twenty three Nobel PrizeAward-winning economists endorsed Vice President Kamala Harris over former President Donald Trump in a joint letter released Wednesday.
Nearly two dozen economists say Trump’s economic agenda, which includes tough tariff proposals and a series of aggressive tax cuts, will “lead to higher prices, wider deficits and greater inequality.”
“Simply put, Harris’ policies will lead to stronger economic performance, making economic growth stronger, more sustainable, and more equitable,” the letter reads. CNN first reported the new letter.
Joseph Stiglitz, who won the Nobel Prize in 2001 for his work on market economics, leads the consortium. Endorsement among his award recipients.
Stiglitz led a similar campaign in support of President Joe Biden in June, publishing a letter signed by 16 Nobel laureates. Just two days ago, a decisive presidential debate ultimately derailed the president’s re-election campaign.
Joining Stiglitz in signing the letter were economists Daron Acemoglu, George Akerlof, Abhijit Banerjee, Sir Angus Deaton, Peter Diamond, Douglas Diamond, Esther Duflo, Robert Engel III, Claudia Golding, Sir Oliver Hart, Guido Ibens, Simon Johnson, Eric Maskin, Daniel McFadden, Robert Merton, Roger Melson, William Nordhaus, Edmund Phelps, Paul Romer, Alvin Ross, Robert Shearer, and Richard · Taylor.
Trump has proposed sweeping tariffs on all imported products, with particularly high tariffs on Chinese imports. Wall Street analysts and economists say that could lead to inflation rising again.
Joseph Stiglitz
David Orrell | CNBC
The Republican presidential candidate has also proposed eliminating income taxes on tips, Social Security benefits and overtime pay.
Overall, experts estimate Trump’s budget plan would make the federal deficit five times larger than Harris’ proposal, according to the nonpartisan Penn Wharton School budget model.
Harris lays out her economic proposals in 82-page policy blueprint The document outlines her plan to expand child care tax credits, provide federal support for affordable housing development, expand tax breaks for small business owners and raise taxes on corporations and the wealthy.
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