In a stunning show of solidarity, 23 Nobel prize-winning economists have thrown their weight behind Vice President Kamala Harris’ economic strategies, warning that former President Trump’s policies could plunge the nation into deeper debt and trigger a price surge.
A significant endorsement
As the 2024 election looms, with the economy at the forefront of voters’ minds, this endorsement, as reported by Axios, is a significant boost for the Democratic nominee, coming just days before Election Day (November 5).
The signatories, representing over half of the living U.S. Nobel laureates in economics, have penned a letter that could sway the economic debate in Harris’ favor.
“While we may differ on specifics, we are united in our belief that Harris’ economic vision will enhance our nation’s health, investment, sustainability, resilience, and employment opportunities,” the letter declares, emphasizing the superiority of her agenda over Trump’s.
The economists argue that Trump’s plans, including steep tariffs and tax cuts, would exacerbate inequality, drive up prices, and balloon the national deficit.
Trump’s plans can reignite inflation
“Trump’s agenda is counterproductive,” they assert, pointing out that it undermines the rule of law and economic and political stability.
Conversely, they laud Harris’ policies for bolstering the middle class, fostering competition, and encouraging entrepreneurship. “Harris’s economic strategy will significantly enhance our nation’s economic strength and well-being,” they conclude.
The letter, led by 2001 Nobel laureate Joseph Stiglitz, also bears the signatures of Daron Acemoglu and Simon Johnson, two of the three economists who won the Nobel this year. This isn’t the first time Stiglitz has spoken out; in June, he led a group of 16 Nobel economists in cautioning that Trump’s plans could reignite inflation and damage the global economy.
As the nation braces for the election, this powerful endorsement could tip the scales in favor of Harris’ economic vision, setting the stage for a pivotal moment in the race for the presidency.