Outrage as 16 Nobel Prize-winning economists warn Trump's policies will reignite inflation

WASHINGTON, DC: In a statement published on Tuesday, June 25, 16 economists who have received Nobel Prizes cautioned that if Republican presidential nominee Donald Trump wins in November, both the US and global economies will suffer, as per the New York Post.

The joint letter, which was first made public by Axios, claims that Trump, the former Republican president running for reelection, has a 'vastly superior' economic strategy than Democratic candidate Joe Biden.

16 Nobel Prize-winning economists warn Donald Trump's policies will affect US and global economies

Economists predict that Trump's economic policies will lead inflation to flare up again, partly due to his promise to levy higher taxes on Chinese imports, which will drive up the cost of many items that American consumers purchase.

The economists stated in their letter, "While each of us has different views on the particulars of various economic policies, we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump."

They added, "We believe that a second Trump term would have a negative impact on the US’s economic standing in the world and a destabilizing effect on the US’s domestic economy."

Notable economists who signed the letter included Joseph Stiglitz, who won the Nobel Prize for Economics in 2001, and Sir Angus Deaton, an economic Nobel laureate in 2015.

Notably, Trump and Biden are engaged in a close electoral contest. Voters in a few hotly contested battleground states, whose inclinations lean either Republican or Democratic, will decide the outcome of the election on November 5.

Moreover, Trump has promised to put taxes on imports from other countries, including up to 60% on Chinese products entering the US. Economists predict that these tariffs will increase prices for US consumers.

The letter added, "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."

Internet chimes in as economists warn Trump policies will affect US and global economies

Several internet users chimed in and dropped their views as 16 Economists cautioned that if Donald Trump wins in November, both the US and global economies will suffer.

A user wrote on X, "I can't roll my eyes any harder" while one added, "Spoiler Alert: They’re also the same economists who advocated for the same monetary and fiscal policies that created inflation."

A person also stated, "Hang on -- are you saying inflation might go up? Oh, is that bad now? It's up 40% at the grocery store" whereas one mentioned, "We’re doing this “all the experts” thing again?"

A person also stated, "Sixteen economists paid by the elite, doesn't say much. They're looking for some kind of support $$$ from the corrupt administration" while one wrote, "You guys couldn't even get 51 this time?"

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