Sixteen liberal economists have released a letter criticizing Donald Trump, claiming that his economic policies will exacerbate inflation. The economists, who won the Nobel Prize in Economics, are unsparing in their criticism of Trump and extol the virtues of Joe Biden’s economic agenda.
The letter claims that Trump’s economic policies are “fiscally irresponsible” and will reignite inflation, which has decreased significantly in recent years. However, polls show that most Americans disapprove of Biden’s handling of inflation, with 60% disapproving and only 31% approving, according to a June poll by YouGov for The Economist.
The Trump campaign responded to the letter, stating that it is an example of “worthless” and “out of touch” economists trying to sway public opinion. Brian Sullivan, the anchor of CNBC’s The Last Call, described the letter as an example of “political weaponization of economics.”
The signatories to the letter include notable economists such as Joseph Stiglitz and Robert Shiller, both of whom have been critical of Trump’s economic policies. Notably, one of the signatories, George A. Akerlof, is married to Treasury Secretary Janet Yellen, making the letter a family affair.
The letter echoes criticisms that Trump’s tariff policies would cause inflation to rise, but inflation remained extremely low during his presidency. Under Biden, inflation has persisted, prompting the Federal Reserve to keep interest rates high. Despite this, the economists want to blame Trump for the persistent inflation.
Many of the signatories to the letter have supported Biden’s economic policies, which included massive stimulus plans and infrastructure investments. Some have even backed more spending, contradicting warnings from prominent liberal economists such as Larry Summers and Olivier Blanchard who predicted that excessive spending would lead to inflation.
