Nobel Economists Warn Reelecting Trump Will Cost the U.S.—Literally

Donald Trump’s reelection would “reignite” inflation, according to 16 Nobel Prize–winning economists who wrote an open letter warning of his dangers to the economy.

“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 economists wrote. Their letter backs up something that Biden has been touting throughout the campaign: He’s better for the economy than the convicted felon and former president.

“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’ letter states.

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

The data supports the economists, as well as Biden. An analysis Monday found that Trump increased the national debt twice as much as Biden during his time as president, even after taking Covid-19 relief into account. Trump has also been criticized for proposing a revival of tariffs, which effectively would put a greater burden on the lower 10 percent of earners in the United States. The Republican Party continues to tout its age-old support of “trickle-down economics,” which only benefits the wealthy. Meanwhile, Biden’s economic successes haven’t gotten much media attention, with Trump even taking credit for them.

Even Trump’s popular proposals, like eliminating the tax on tipped wages, don’t hold up to scrutiny. As The New Republic’s Timothy Noah points out, such a move wouldn’t even be a drop in the bucket for most workers. The moves that would actually help working people, like taxing the rich or raising the minimum wage, aren’t a consideration for Trump and the GOP. Will voters see things that way in November?