It will be decided in November whether Biden will continue as US president or his rival Trump will seek a second term. Nobel laureates in economics warn against the latter: Trump risks “America’s standing in the world.”
In a joint letter, 16 Nobel Prize winners in economics have warned of the risks to the US economy of a second Donald Trump presidency.
The most important factors for economic success include the rule of law and economic and political security. Adherence to international norms and normal and stable relations with other countries are also essential. “Donald Trump and the uncertainty of his actions and policies threaten this stability and America’s position in the world,” it said. Letters published by American media.
“Bidens Economic agenda Far superior to Trump”
While each of the signatories has different views on individual economic policy measures, the letter continues, they all agree that US President Joe Biden’s economic plan is “far superior” to Trump’s. Biden has decided to make major investments in the US economy, including infrastructure, domestic manufacturing and climate protection.
“Together, these investments will boost productivity and economic growth while reducing long-term inflationary pressures and facilitating the transition to clean energy.” The signatories “experienced a remarkably strong and equitable labor market recovery” during Biden’s presidency. Four more years as president will allow Biden to further advance a comprehensive economic recovery in the United States.
Election results can shape the economy for years
Many Americans are concerned about inflation, which has fallen remarkably quickly. There are valid concerns that Trump will stoke inflation again with “his fiscally irresponsible budget plans.”
Election results in November will have economic consequences for years, perhaps decades. “We believe that a second Trump term will have a negative impact on America’s economic standing in the world and destabilize the US domestic economy,” the Nobel laureates said.
Inflation is an important issue among voters
2001 Nobel Prize in Economics Joseph E. Stiglitz and Paul R. Milgrom, Robert J. Schiller and Paul M. Romer are signatories to the letter.
Trump and Biden are in the heat of the campaign; Inflation plays an important role for many voters. Inflation rate has decreased significantly since summer 2022. But higher prices mean modest rises.
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