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Nobel Prize winners in economics warn of catastrophe if Trump wins

“A second Trump term would have a negative impact on the US economic position”

16 Nobel Prize-winning economists considered that a second term of Donald Trump in the United States (US) would increase inflation in that country and cause lasting damage to the global economy.

“We believe that a second Trump term would have a negative impact on the economic position of the United States in the world and a destabilizing effect on its internal economy,” says a letter written by the specialists and published by the Axios portal.

According to economists, many Americans are concerned about inflation, which has shown signs of improving in recent months, but are concerned that Donald Trump will revive rising prices “with his fiscally irresponsible budgets.”

They also warned that the former president seeks to impose new tariffs of 10% on all imports, as well as minimum tariffs of 60% on products from China.

Donald Trump also wants to eliminate taxes on tipped wages for workers in the leisure and hospitality industries.

The warnings were made by the laureates: Joseph Stiglitz, winner of the Nobel Prize in Economics in 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. Wilson (2020).

On the other hand, Axios pointed out that the content of the letter is used as an economic argument for the campaign of current President Joe Biden, who aspires to a second term at the head of the White House. However, during his term the northern nation recorded high rates of inflation, leading 68% of Americans to think that the economy is “not that good” or “bad.”

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