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16 Nobel Prize-winning economists say Trump policies will fuel inflation

"Sixteen Nobel prize-winning economists signed a letter on Tuesday warning that the U.S. and world economy will suffer if Republican presidential candidate Donald Trump wins the U.S. presidential election in November.
The jointly signed letter, first reported by Axios, says the economic agenda of U.S. President Joe Biden, a Democrat, is "vastly superior" to Trump's, the former Republican president seeking a second term."

https://www.reuters.com/world/us/16-nobel-prize-winning-economists-say-trump-policies-will-fuel-inflation-2024-06-25/

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Ynotisay · M

Good that it happened but it's just spitting in to the wind.
Policy is irrelevant. Tariffs are an example. He sells it to people that it's about making America 'strong." We're going to show them! Don't mess with us!
But he doesn't tell them they are the ones who will pay for it.
It's truly a cult of personality. Which is why Harris and her campaign is "selling" a different personality.

trollslayer · 46-50, M

@Ynotisay ^^^this^^^. Any MAGA voter will clearly admit their number one motivation is "sticking it" to the Democrats, though whatever means. Even if it costs them more, or diminishes their rights. If it gets revenge on Democrats, it is fine with them.

Really, they are still butt hurt about the 2008 election.

Ynotisay · M

@trollslayer Yep, When all you hear is "enemy," particularly if you're primed for fear and anger, the result is obvious.

RachelLia2003 · 18-21, F

economy aint a real science. nobel prize for economics dont make sense. camala will lose anyway.

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Ynotisay · M

@RachelLia2003 Great. Thanks. I guess now I should probably block you. Just not interested in the political opinions of girls who don't live in the U.S. Especially those who share ignorant, twisted memes. I like to keep my little online world here as clean as possible.Have a good one.

RachelLia2003 · 18-21, F

@Ynotisay thx😌 always remember that karma is a cat😌

Bumbles · 51-55, M

@RachelLia2003 Kamala Harris supports free market capitalism, FYI. She has proposed not a single government take over of any industry. You are incorrect that she espouses communism.

Bumbles · 51-55, M

Yeah, but Trump said “Tariff” is a beautiful word, so….yeah.

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whowasthatmaskedman · 70-79, M

@Bumbles Well, it will ultimately be ther downfall as they are outcompeted from without and within. It will be interesting to see if the Chinese or the indian subcontinent win out..😷

Bumbles · 51-55, M

@whowasthatmaskedman Ahh, the Chinese. I think the American economy is more facile, but I think they will be on par soon enough. Now about those Sea Lanes...

India is really interesting, but I don't know much about their economy. I know their impact on the US in terms of their immigrants has been nothing short of spectacular.

whowasthatmaskedman · 70-79, M

@Bumbles Yeah.. They already have a large English speaking edge and a highly western educated upper class.. They will be working from within..😷

whowasthatmaskedman · 70-79, M

And sixteen Nobel Prize winning economists total the same number of IQ points as fifty MAGA supporters, yet only get sixteen votes. There is the flaw in Democracy. Its not about brainpower. Its about the @$$hole. Everyone has just one.. And MAGA have the biggest..😷

Roundandroundwego · 61-69

And what about Americans? Do they get an economy?

whowasthatmaskedman · 70-79, M

@Roundandroundwego Silly question. Of course they do. People fail to understand that to work an economy needs to be perfectly balanced. If you keep knocking holes in a boat and dont patch them it sinks. Every subsidy, every $ stolen or paid as a bribe and every trade barrier is a hole in the boat..😷

BohemianBabe · M

We all know, but his cultists don't care.

ElwoodBlues · M

The market analysts at Goldman Sachs agree!

Goldman Sachs analysis: U.S. economy would be better under Harris than Trump Sep. 04, 2024

“We estimate that if Trump wins in a sweep or with divided government, the hit to growth from tariffs and tighter immigration policy would outweigh the positive fiscal impulse,” the economists wrote, according to reports.

Bloomberg and Reuters reported on the note. Spectrum News has requested a copy of the note from Goldman Sachs.

Trump, the former president and Republican nominee this year, has not released a detailed economic plan but has repeatedly vowed to raise tariffs — including to a baseline of at least 10% on all imports and at least 60% on Chinese goods — extend the 2017 tax cuts, further reduce the corporate tax rate and clamp down on illegal migration.

The Goldman economists say the increased tariffs on cars from China, Mexico and the European Union would raise core inflation.

Harris says she wants to increase taxes on Americans earning more than $400,000 a year and corporations, and cut taxes for the middle class.

If she wins and Democrats sweep Congress, “new spending and expanded middle-income tax credits would slightly more than offset lower investment due to higher corporate tax rates, resulting in a very slight boost to GDP investment due to higher corporate tax rates, resulting in a very slight boost to GDP growth on average over 2025-2026,” the analysis said.

But wait! There's more!!

The economists predicted a Harris victory would lead to 10,000 more new jobs per month than if Trump is elected in a divided government — and 30,000 more than if Trump wins and the GOP controls the Senate and House.

Source: https://ny1.com/nyc/all-boroughs/politics/2024/09/04/goldman-saches-u-s--economy-kamala-harris-donald-trump

SomeMichGuy · M

No problem for people who have cut moorings from reality...

Convivial · 26-30, F

Yeah but they're only economists... He's Trump!

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