Twenty three Nobel Prize winning economists on Wednesday endorsed Vice President Kamala Harris over former President Donald Trump for the upcoming US Presidential elections.
In a joint letter, the economists said that Trump’s plan to enforce hardline tariff proposals and a slate of aggressive tax cuts, would “lead to higher prices, larger deficits, and greater inequality.”
“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 letter read.
According to a report in CNN, Joseph Stiglitz, who won the Nobel Prize for his market economics research in 2001, spearheaded the joint endorsement.
Earlier, Stiglitz had led a campaign to endorse President Joe Biden in June, publishing a letter signed by 16 Nobel laureates.
That came just two days before the presidential debate between Biden and Trump which ultimately derailed the his reelection bid
Other Nobel laureates endorsing include Daron Acemoglu, George Akerlof, Abhijit Banerjee, Sir Angus Deaton, Peter Diamond, Douglas Diamond, Esther Duflo, Robert Engle III, Claudia Goldin, Sir Oliver Hart, Guido Imbens, Simon Johnson, Eric Maskin, Daniel McFadden, Robert Merton, Roger Myerson, William Nordhaus, Edmund Phelps, Paul Romer, Alvin Roth, Robert Shiller and Richard Thaler.
Trump has proposed a comprehensive tariff strategy, targeting all imported goods, with a particular emphasis on Chinese products, which would be subject to exceptionally high rates. According to analysts and economists on Wall Street, this approach risks reigniting inflationary pressures.
Additionally, the GOP presidential candidate has suggested eliminating income taxes on tips, Social Security benefits, and overtime pay.
Overall, experts estimate that Trump’s budget plan would expand federal deficits by five times more than Harris’ proposals, according to the nonpartisan Penn Wharton Budget Model.
In contrast, Kamala Harris presented her economic vision in a detailed 82-page policy document. The plan outlines her intentions to enhance the child care tax credit, invest heavily in affordable housing development, increase tax deductions for small business owners, and raise taxes on corporations and high-income earners.
