Sixteen Nobel prize-winning economists are jumping into the presidential campaign with a stark warning: Former President Trump’s plans would reignite inflation and cause lasting harm to the global economy if he wins in November.
“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 write in the letter.
“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 write.
You know you done fucked up when you rile Nobel-awarded economists enough to write a letter and release it to the press.
I tried to look for something like this happening before and don’t see anything. Maybe it’s my bad searching skills, but this is definitely not great for Trump’s plans. Not certain how convincing it is politically though.
The closest I could think about was Economists speaking out about Reaganomics. I also couldn’t find anything exactly like this, however I did find Bush Sr. Calling it voodoo economics and Democrats actually are credited in some cases as calling it Trickle Down economics as a negative. Even Gerald Ford attacked it, which is something coming from the guy who pardoned Nixon.
I found some criticism from Martin Feldstein in 1986 about the strength of supply side economics and some “extremists”, though that was after the fact.
As I’ve understood it ; RESERVING the right to be wrong, raising tariffs was ONE of the factors leading to the Great Depression…
So yeah I’m sure that’ll work out fine this time.
You are correct- https://www.investopedia.com/terms/s/smoot-hawley-tariff-act.asp
Also-
Prior to signing the Act, more than 1,000 economists urged President Hoover to veto it.
Economics Teacher: In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the… Anyone? Anyone?.. the Great Depression, passed the… Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act? Which, anyone? Raised or lowered?.. raised tariffs, in an effort to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression. Today we have a similar debate over this. Anyone know what this is? Class? Anyone? Anyone? Anyone seen this before? The Laffer Curve. Anyone know what this says? It says that at this point on the revenue curve, you will get exactly the same amount of revenue as at this point. This is very controversial. Does anyone know what Vice President Bush called this in 1980? Anyone? Something-d-o-o economics. “Voodoo” economics.
Trump and the fed jumped at every last opportunity to juice the economy from 2016-2020 and they’ll do it again if he gets elected again. He was really damn lucky he inherited a decent economy to do that with, and was followed up by a responsible administration to keep things in check. I could go on and on about this but in the end I’m really just hoping we come to our senses and elect leaders who are interested in keeping the ship steady instead of this chaotic feast/famine cycle we’ve been living through these past few decades.
Yeah, but I’ll have you know that President Trump finished at the bottom of his class at a prestigious business school!!
What do these guys know with them No-bell prizes and such!
Yes, but “experts” also don’t understand that you can change the path of a hurricane with a sharpie, or that magnets don’t work in water, so what would these guys know?
