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A group of 16 Nobel Prize-winning economists authored an open letter warning that if Donald Trump won a second presidential term, his economic agenda would not just be “vastly” inferior to that of President Joe Biden’s but that Trump would also “reignite” thewould mean a little more from a team of economists that did not previously lie that Biden’s empirically abysmal policies would bring down inflation instead...
“Opponents of the Biden plan also disingenuously warn against inflation — that lurking bogeyman that is more fantasy than real threat nowadays,” Stiglitz wrote in support of the ARP. “Indeed, some data suggest that wages may be falling Of course, after Stiglitz got his wish when Biden signed the ARP into law, the “fantasy” of inflation jumped from below the Federal Reserve’s maximum target of 2% to 5% when Stiglitz and 15 other Nobel laureates pushed Biden to pass the next phase of BBB. Within the year after the BIL was signed into law, inflation almost doubled to the near double digits. Only after the Fed enacted its fastest monetary tightening in four decades did inflation begin to slow.
The same economists who backed BBB from the start and doubled down even when the inflation it wrought became evident are now tripling down. After lying that Biden is responsible for “lowering long-term inflationary pressures,” the Nobel signatories of the 2024 letter claim that Trump is worse than the alternative because he would worsen inflation.
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