According to an open letter written by economic laureates Daron Acemoglu, Esther Duflo, William Nordhaus, and 20 others, they believe that Harris’s economic agenda will bring about positive improvements in our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness.
Economists have criticized Trump’s plan for the economy, expressing their concerns over his proposal to significantly raise tariffs. This move has faced strong opposition from numerous policy experts in Washington.
“They wrote that his policies, which include imposing high tariffs on goods from our friends and allies and implementing regressive tax cuts for both corporations and individuals, will result in increased prices, larger deficits, and heightened inequality.”
Both Harris and Trump have outlined their economic agendas, although they have provided only a few key details so far.
According to different budgetary summaries and analyses, Trump’s plans would contribute a much larger amount to the U.S. deficit compared to Harris’s.
The pandemic caused a significant increase in U.S. debt levels, as both the Trump and Biden administrations provided trillions of dollars in fiscal stimulus to support individuals and businesses.
The Federal Reserve’s decision to tighten monetary policy played a crucial role in keeping inflation expectations under control.
Economists have hailed the achievement of inflation coming down without a recession as a significant accomplishment, which could potentially become a defining characteristic of the Biden administration’s legacy.
