A group of 23 Nobel Prize-winning economists have expressed their support for Vice President Kamala Harris over former President Donald Trump in an open letter made public on Wednesday. These economists voiced concerns that Trump’s economic policies, which feature strict tariff proposals and extensive tax cuts, could lead to increased prices, larger deficits, and greater inequality.
According to the letter, Harris’s policies are expected to yield stronger economic performance characterized by more robust, sustainable, and equitable growth. This endorsement was first reported by CNN. Joseph Stiglitz, a Nobel laureate honored for his work in market economics in 2001, led this endorsement effort. Stiglitz had previously organized a similar endorsement for President Joe Biden in June, signed by 16 Nobel laureates, but Biden’s reelection campaign was later sidetracked.
The letter was co-signed by economists including Daron Acemoglu, George Akerlof, Abhijit Banerjee, Sir Angus Deaton, and other distinguished laureates. Trump’s proposal to impose comprehensive tariffs on all imports, particularly high ones on Chinese imports, is seen by financial analysts and economists as a potential trigger for increased inflation.
Additionally, Trump has suggested removing income taxes on tips, Social Security benefits, and overtime pay. Analysis from the nonpartisan Penn Wharton Budget Model estimates that Trump’s budget plans could expand the federal deficit five times more than Harris’s proposals.
Harris has detailed her economic strategy in an 82-page policy blueprint, which includes plans to expand the child care tax credit, invest in affordable housing development, expand tax deductions for small business owners, and increase taxes on corporations and the wealthy.
