Nobel Economists: Biden Agenda 'Superior' to Trump's

With little over four months to go before the presidential election, 16 Nobel prize-winning economists are cautioning voters on what they see as the inflationary pitfalls of another Trump administration.

Echoing President Joe Biden’s reelection campaign, the group of Nobel laureates say that former President Donald Trump’s economic plans would rekindle inflation and inflict lasting harm on the global economy should he win on Nov. 5.

"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," the 16 economists wrote in a letter, obtained by Axios.

Democrats have been defensive on the issue of the economy since the summer of 2022, when prices skyrocketed. Despite their best efforts however, voters aren’t sold on the White House’s claim that the economy is doing great.

The economists’ claim is part of a broader Biden campaign strategy to go on the offensive and draw clear distinctions between the Democrat incumbent and his Republican challenger, as well as the plans each has for the future.

Trump has proposed a minimum 60% tariff on Chinese goods and 10% duties on all imports.

"We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world, and a destabilizing effect on the U.S.'s domestic economy," the economists said in their letter.

"Many Americans are concerned about inflation, which has come down remarkably fast," they wrote. "There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets."

According to Axios, the economists’ message was led by Joseph Stiglitz, who won the Nobel Prize for economics in 2001.

Other letter signatories included 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).

Both presidential candidates are expected to focus on the economy and cost-of-living issues during Thursday night’s debate. Hosted by CNN, the event is slated for 9 p.m. ET in Atlanta, Georgia.

Trump has pledged to lower the corporate tax rate from 21% to 20% and eliminate taxes on tips for service-industry workers. Biden plans to raise taxes on corporations and promised no tax hikes for households that earn less than $400,000 per year.