Joseph E. Stiglitz and other Nobel laureates say the former president threatens the United States' standing in the world.
Sixteen Nobel Prize-winning economists have signed a letter warning that the re-election of former US President Donald Trump would hurt the US economy and lead to higher prices for consumers.
In the letter released Tuesday, the economists say the Republican candidate would stoke instability and reignite high inflation with his “fiscally irresponsible budgets.”
“Among the most important determinants of economic success are the rule of law and economic and political certainty. For a country like the United States, which has deep relations with other countries, conforming to international norms and having normal and stable relations with other countries is also an imperative,” the letter said.
“Donald Trump and the vagaries of his actions and policies threaten this stability and America's standing in the world.”
The signatories also praised President Joe Biden's record on the economy, including a “remarkably strong and equitable” recovery in the labor market since the COVID-19 pandemic.
“While each of us has different views on the details of different economic policies, we all agree that Joe Biden's economic agenda is far superior to Donald Trump's,” the economists said.
“In his first four years as president, Joe Biden enacted major investments in the American economy, including infrastructure, domestic manufacturing and climate. Taken together, these investments are likely to increase productivity and economic growth, while reducing long-term inflationary pressures and facilitating the transition to clean energy.”
Signatories of the letter, which was first reported by Axios, include Columbia University professor Joseph Stiglitz, Yale professor Robert Shiller, and Sir Angus Deaton.
Trump and Biden, a Democrat, are neck and neck in opinion polls ahead of their first presidential debate on Thursday.
However, potential voters have repeatedly rated Trump as more trustworthy on the economy.
Trump has pledged to cut taxes, crack down on undocumented immigration, raise tariffs on imports and roll back many of Biden's clean energy initiatives if he is re-elected to a second term as president.
In an ABC News/Ipsos poll released last month, respondents said they were confident Trump would do a better job on the economy and inflation than Biden by a margin of 14 percentage points.
