More than half of the living US recipients of the Nobel Prize for economics signed a letter that called Vice President Kamala Harris’ economic agenda “vastly superior” to the plans laid out by former President Donald Trump.
www.yahoo.com
Twenty-three Nobel Prize-winning economists signed onto the letter, including two of the three most recent recipients.
“While each of us has different views on the particulars of various economic policies, we believe that, overall, Harris’ economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness and be vastly superior to the counterproductive economic agenda of Donald Trump,” the economists write.
The letter serves as a stamp of approval for Harris less than two weeks from Election Day on the issue voters consistently rank as the most important in surveys: the economy.
Trump dismissed the group’s letter, and his campaign slammed those who signed on as “worthless out of touch” economists.
The letter points to Trump’s tariff and tax policies as inflationary and likely to balloon the federal deficit – a widely held view among economists. But it also issues a stark warning.
“Among the most important determinants of economic success are the rule of law and economic and political certainty, and Trump threatens all of these,” the economists write.
Trump has promised broad tax cuts beyond his 2017 tax law and promised to abolish taxes on tips, overtime and social security benefits, which analysts say would cost trillions, all as he pointed to tariffs and economic growth as the way to pay for the loss in revenue.
Economists view tariffs as effectively a tax on consumers who buy imported goods.
He has pledged large-scale de-regulation and, as part of the effort, unleash a surge in oil and gas drilling. He has also pledged to deport all illegal immigrants in the US in the “largest deportation operation” in the country’s history.
The Federal Reserve has started cutting interest rates. Employment data for September showed hiring picked up, a dropping unemployment rate and strong wage growth.
Retails sales also remain durable.
The economic picture, at least based on the macroeconomic data, is one that appears robust.
“Simply put, Harris’s policies will result in a stronger economic performance, with economic growth that is more robust, more sustainable, and more equitable,” the economists write.
But don't trust nobel prize winning economists, just trust trump who knows more about everything than anyone.
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