Trump Campaign Slams ‘Worthless’ Nobel Prize Winning Economists

Trump’s Response to Nobel Economists

The Trump campaign responds to a group of Nobel Prize-winning economists who issued a warning about the potential “risks” to the U.S. economy if former President Donald Trump gets re-elected for a second term. National press secretary of Trump’s campaign Karoline Leavitt labeled the economists “worthless” and “out of touch” in response to their claim that the economic agenda of Joe Biden is significantly superior to Trump’s.

The economists, sixteen in total, issued their statement with less than five months remaining before the presidential election – an election that currently shows Trump leading the polls slightly. The economists’ letter revealed worries over high potential for inflation, impacts on the U.S.’ international economic standing, and destabilizing effects on the domestic economy if Trump secures a second term.

A Rebuttal based on Past Achievements

Leavitt, in response to the letter first shared by Axios, hit back by reminding the public of Trump’s previous economic feats. Leavitt stated, “President Trump built the strongest economy in American history. In just three years, Joe Biden’s out of control spending created the worst inflation crisis in generations. Americans know we cannot afford four more years of Bidenomics.”

Leavitt went on to reassure that once Trump returns to the White House, he will reinstate his pro-growth, pro-energy, pro-jobs agenda, designed to decrease living costs and elevate all Americans. Trump’s economic strategies involve lowering corporate America’s tax rate from 21 percent to 20 percent and eliminating taxes on tips for the hospitality and leisure sector workers. His plan also includes levying 10 percent duties on all imports and a minimum tariff of 60 percent on goods from China.

Biden’s Supporters Defend the President’s Economic Plan

James Singer, a spokesperson for the Biden campaign, responded to Leavitt’s criticism: “Top economists, Nobel Prize winners, and business leaders all know America can’t afford Trump’s dangerous economic agenda.”

“In Donald Trump’s America, the rich pay less, and working Americans pay more. Luckily, Americans have a better choice this November: Joe Biden, who is leading America out of the mess Donald Trump left us in and fighting to lower costs, create jobs, and raise wages,” he added.

The Current Economic Scenario

Voters’ perception of the current economy, attributed to Biden, remains largely negative as prices surged in the summer of 2022. Meanwhile, the White House maintains that the economy is in good shape. However, a significant percentage of Americans believe the U.S. is currently in a recession, as indicated in a recent poll by the Guardian. This statistic is somewhat backed up by Fox News reporting that 68 percent of Americans perceive the state of the economy as “not so good” or “poor.”

The Approach of the First Presidential Debate

With the first presidential debate approaching, it is anticipated that the candidates’ differing economic policies will be a central focus. Biden’s economic agenda includes a $53 billion investment in semiconductor manufacturing to decrease dependency on foreign sources, the Bipartisan Infrastructure Law, which aims at modernising roads, bridges, public transport systems, and broadband availability, along with increase in corporation tax and guarantees that households earning less than $400,000 per year will not face tax increases.

The 16 Nobel Prize-winning economists believe that these plans would likely “increase productivity and economic growth while lowering long-term inflationary pressures and facilitating the clean energy transition.”