Trump agenda criticized by 23 Nobel Prize-winning economists, who endorse Biden

• A group of twenty-three Nobel Prize-winning economists publicly supported Vice President Kamala Harris over former President Donald Trump in a joint letter.
• According to economists, Trump's economic plan, featuring strict tariffs and substantial tax cuts, would result in higher prices, larger deficits, and increased inequality.
• In June, Joseph Stiglitz, who spearheaded the endorsement letter, led a similar effort to back President Joe Biden's agenda.

A group of 23 Nobel Prize-winning economists publicly supported Vice President Kamala Harris over former President Donald Trump in a letter released on Wednesday.

A group of nearly two dozen economists stated that Trump's economic plan, which involves imposing strict tariffs and implementing substantial tax cuts, would result in higher prices, larger budget deficits, and increased income disparity.

The new letter stated that Harris's policies will lead to a stronger economic performance, with more robust, sustainable, and equitable economic growth, as reported first by CNN.

In 2001, Joseph Stiglitz, the Nobel laureate in market economics, led his fellow laureates in a joint endorsement.

In June, Stiglitz, along with 16 other Nobel laureates, published a letter endorsing President Joe Biden. This was two days before the presidential debate that ultimately led to the president's reelection defeat.

A letter signed by economists including Stiglitz, Acemoglu, Akerlof, Banerjee, Deaton, Diamond, Duflo, Engle, Goldin, Hart, Imbens, Johnson, Maskin, McFadden, Merton, Myerson, Nordhaus, Phelps, Romer, Roth, and Shiller was sent to the government.

Trump's proposal to impose tariffs on all imports, including a high rate for Chinese imports, could lead to inflation, according to both Wall Street analysts and economists.

The Republican presidential candidate has proposed removing taxes on tips, Social Security benefits, and overtime pay.

According to the nonpartisan Penn Wharton Budget Model, experts estimate that Trump's budget plan would increase federal deficits by five times more than Harris' proposals.

Harris presented her economic plan in an 82-page blueprint, which includes increasing the child care tax credit, investing in affordable housing, offering more tax deductions for small businesses, and raising taxes on corporations and the wealthy.