A collection of 23 Nobel laureates in economics endorse Harris' economic strategy as significantly surpassing Trump's.
Twenty-five distinguished economists with Nobel Prize accolades have endorsed a statement, including two of the most recent laureates.
While each economist may hold differing thoughts on specific economic policies, they collectively believe that Democrat Kamala Harris' economic plan will amplify the nation's health, investments, resilience, sustainability, job opportunities, and fairness, outperforming Donald Trump's unproductive economic strategy.
The statement coincides with the election less than two weeks away, accentuating the economy—an issue consistently ranked as top priority by voters—as a significant election factor. The economy's struggles with inflation and a critical perspective of the U.S.'s economy have hitherto posed problems for the Democratic candidature, with presidential incumbent Joe Biden encountering difficulties in promoting his administration's economic policies prior to Biden's withdrawal and Harris' garnering party support to secure the nominee position.
The initiative was orchestrated by Joseph Stiglitz, a Columbia University professor and 2001 laureate, and extends Stiglitz's previous efforts in June, when he collaborated with sixteen other economists to warn about the damaging influence a second Trump term might have on the U.S. economy. They claimed then that Biden's economic agenda was similarly more favorable.
Trump's administration dismissed the June letter, and his campaign criticized the participating economists as out-of-touch and worthless.
However, the recent statement, which grew out of Harris' economic proposals last month, boasts seven fresh endorsements and showcases a wide spectrum of economists in terms of areas of expertise and economic perspectives.
Notably, two of the three most recent laureates, Simon Johnson and Daron Acemoglu from the Massachusetts Institute of Technology, have joined the effort. They were honored last week for their research delving into the role institutions play in determining which countries become prosperous and affluent.
The concise letter of just 228 words was strategically designed to foster consensus among a broader pool of economists and elevate that consensus with precision. The letter incorporated feedback from the earlier attempt.
The letter emphasized the economic dangers posed by Trump, both in his economic proposals and in the perceived instability he might introduce in a field where stability and certainty are crucial.
The letter condemns Trump's tariff and tax policies as contributing to inflation and growing the federal deficit, a widely shared opinion among economists. But it also issues a grave warning.
"Among the essential elements of economic success are the rule of law and economic and political certainty, and Trump threatens all of these," the economists write.
Despite economists' warnings and estimates, Trump has remained steadfast in his pledge to utilize tariffs as the core of his economic plan.
Trump, during a recent Bloomberg interview, asserted that his tariff approach would have a tremendous, beneficial impact.
"The most remarkable word in the dictionary is tariff," Trump said. "It's my favourite word."
Trump has promised additional tax reductions beyond his 2017 tax bill and elimination of taxes on tips, overtime, and social security benefits, leading to trillions in costs, according to analysts, while emphasizing tariffs and economic growth as the remedy for lost revenue.
Economists view tariffs as essentially a tax on consumers purchasing imported goods.
He has pledged dramatic deregulation and a surge in oil and gas drilling as part of his strategy, as well as a mass deportation of all illegal immigrants in the U.S. in the country's largest deportation operation in history.
Trump has consistently been preferred by voters with regards to handling the economy as citizens confront widespread discontent over the state and direction of the U.S. economy.
Trump and his allies have exploited this advantage in campaign events and advertisements, concentrating on the levels of prices that have burdened American consumers for years.
However, Harris has in recent weeks narrowed Trump's edge on the issue, suggesting a weakening of Trump's strength in this area, according to polling, and offering Harris campaign advisers an opportunity to dent Trump's strength on the topic in the campaign's closing days.
These initiatives have been further bolstered by a series of economic data that has improved the confidence among U.S. economic decision-makers that they have effectively controlled inflation without triggering a recession.
The Federal Reserve has started reducing interest rates. Employment data for September revealed a pickup in hiring, a decreasing unemployment rate, and strong wage growth.
Retail sales also continue to be solid.
The country's economic context, based on macroeconomic data, appears resilient.
Harris, as part of her economic plan, has sought to address voter concerns related to prices, housing costs, child and elder care, and advocated for tax cuts targeted at middle-and lower-income Americans. She has also indicated her support for the manufacturing-boosting industrial policies championed by Biden.
The contrast between the two candidates' economic approaches is the central theme in the messages both campaigns are relaying in the campaign's final days.
For the letter's signatories, Harris' message is the preferred choice.
"Simply stated, Harris's policies will result in a more robust, sustainable, and equitable economic growth," the economists assert.
The letter from the Nobel Prize-winning economists underscores the importance of political stability and certainty in the economy, expressing concerns about Donald Trump's instability and impact on these elements. In their endorsement of Democrat Kamala Harris, they believe her economic plan will foster health, investments, resilience, sustainability, job opportunities, and fairness, surpassing Trump's strategies.
Politics, hence, plays a significant role in the economists' evaluations, with their support swaying towards the candidate who they perceive will promote economic prosperity and stability.
