Former President Donald Trump, left, and Vice President Kamala Harris
Reuters
Twenty-three Nobel Prize-winning economists endorsed Vice President Kamala Harris over former President Donald Trump in a joint letter released Wednesday.
The nearly two dozen economists said Trump’s economic agenda, which includes hardline tariff proposals and a slate of aggressive tax cuts, would “lead to higher prices, larger deficits, and greater inequality.”
“Simply put, Harris’s policies will result in a stronger economic performance, with economic growth that is more robust, more sustainable, and more equitable,” the letter read. CNN was first to report on the new letter.
Joseph Stiglitz, who won the Nobel Prize for his market economics research in 2001, spearheaded the joint endorsement among his fellow laureates.
Stiglitz led a similar effort to endorse President Joe Biden in June, publishing a letter signed by 16 Nobel laureates. That came just two days before the fateful presidential debate that ultimately derailed the president’s reelection bid.
Joining Stiglitz in signing the letter were economists Daron Acemoglu, George Akerlof, Abhijit Banerjee, Sir Angus Deaton, Peter Diamond, Douglas Diamond, Esther Duflo, Robert Engle III, Claudia Goldin, Sir Oliver Hart, Guido Imbens, Simon Johnson, Eric Maskin, Daniel McFadden, Robert Merton, Roger Myerson, William Nordhaus, Edmund Phelps, Paul Romer, Alvin Roth, Robert Shiller and Richard Thaler.
Trump has pitched imposing tariffs on all imports across the board, including an especially high rate for Chinese imports. Wall Street analysts and economists alike say that could threaten to reheat inflation.
Joseph Stiglitz
David Orrell | CNBC
The Republican presidential nominee has also floated eliminating income taxes on tips, Social Security benefits and overtime pay.
Overall, experts estimate that Trump’s budget plan would expand federal deficits by five times more than Harris’ proposals, according to the nonpartisan Penn Wharton Budget Model.
Harris laid out her economic pitch in an 82-page policy blueprint that outlines her plans to expand the child care tax credit, pour federal support into affordable housing development, expand tax deductions for small business owners and hike taxes on corporations and the wealthy.