A group of leading economists published a letter this week warning voters that former President Trump would bring economic disaster if he won the election — the same warning many of them issued in 2016.
At least nine of the 16 Nobel Prize-winning economists who signed Tuesday’s letter issued similar warnings about the economic perils of a Trump election in 2016. Their letters during this election cycle emphasized concerns about inflation.
“Many Americans are concerned about inflation, which has fallen surprisingly quickly, and are rightly worried that Donald Trump will reignite it with a fiscally irresponsible budget,” the economists wrote, according to Axios.
The group is led by Joseph Stiglitz, who was awarded the Nobel Prize in Economic Sciences in 2001. Other co-signatories include George Akerlof (2001), Sir Angus Deaton (2015), Claudia Goldin (2023), Sir Oliver Hart (2016), Eric Maskin (2007), Daniel McFadden (2000), Paul Milgrom (2020), Roger Myerson (2007), Edmund Phelps (2006), Paul Romer (2018), Alvin Roth (2012), William Sharpe (1990), Robert Shiller (2013), Christopher Syms (2011) and Robert Wilson (2020).
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A group of leading economists published a letter this week warning voters that former President Trump would bring economic disaster if he won the election — the same warning many of them issued in 2016. (Felipe Ramares for Fox News Digital)
Some of the award recipients were part of a group of 370 economists who urged voters not to support Trump days before the 2016 election, and others have criticized his economic policies both before and after his presidency.
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The 2016 letter argued that Trump “promotes magical thinking and conspiracy theories rather than a sober assessment of viable economic policy options” and that he “displays a profound economic ignorance and an inability to listen to credible experts.”
“If elected, he poses unique dangers to our democracy, the functioning of our economic institutions, and our nation’s prosperity. For these reasons, we urge you not to vote for Donald Trump,” they wrote.
Polls show that most Americans believe former President Trump (left) could manage the U.S. economy better than President Biden. (Getty Images)
The letter was signed by Deaton, Hart, Maskin, Myerson, Phelps, Romer, Ross and Schiller.
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“It’s impossible for an academic economist to work in the Trump administration unless they’re some kind of extremist.” Schiller says In an interview with the Lindau Nobel Prize Laureates in 2017.
Sigritz made similar criticisms of Trump ahead of the 2016 Davos economic summit.
“unfortunately [Republicans]”I believe he will fail,” Sigritz said of Trump. “What he’s doing is trying to build a protectionist wall, not trying to run the economy better.”
Nobel Prize-winning economist argues that a Biden presidency is the safer choice for the US economy in 2024. (Hannah Beyer/Bloomberg via Getty Images)
Hart also Concerns about Trump In a 2016 interview with CNBC.
“I’m very concerned about the possibility of a Trump presidency,” he said just days before the election. “I felt compelled to speak out because I think it would have devastating consequences, not just for the economy but in other ways as well.”
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Contrary to their predictions, the US economy thrived under the Trump administration before the coronavirus pandemic, with the poverty rate reaching an all-time low in 2019, wages rising steadily and unemployment low.
