16 Nobel Prize winning economists are issuing a warning that inflation will skyrocket in a second Trump term.
"We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world, and a destabilizing effect on the U.S.'s domestic economy," the economists write in the letter. "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 write.
Recent analysis support their claims, showing that the debt and inflation soared in Trump's term and was brought back under control by Biden.
The economists are aware that many voters have a negative view of Biden due to the effect that current inflation has directly on their purchasing and that these voters need to be brought to understand that the economy is now, in fact, in a comparatively very good place thanks to Biden’s policies compared to the fiasco we lived through while Trump was in office.
Thare is a vast difference between where it was only months ago and where we are today.
That message isn't resonating with voters, though, and they say it's up to Biden and his team to make sure it does.
The economists who participated:
Joseph Stiglitz (2001), George A. Akerlof (2001), Sir Angus Deaton (2015), Claudia Goldin (2023), Sir Oliver Hart (2016), Eric S. Maskin (2007), Daniel L. McFadden (2000), Paul R. Milgrom (2020), Roger B. Myerson (2007), Edmund S. Phelps (2006), Paul M. Romer (2018), Alvin E. Roth (2012), William F. Sharpe (1990), Robert J. Shiller (2013), Christopher A. Sims (2011), and Robert B. Wils