16 Nobel Prize-winning economists warn Trump would ‘reignite’ inflation

Joseph E Stiglitz and other Nobel laureates say former president threatens US’s standing in the world.

Sixteen Nobel prize-winning economists have signed a letter warning that the re-election of former United States President Donald Trump would harm the US economy and lead to higher prices for consumers.

In the letter released on Tuesday, the economists said that the Republican candidate would stoke instability and revive high inflation with his “fiscally irresponsible budgets”.

“Among the most important determinants of economic success are the rule of law and economic and political certainty. For a country like the US, which is embedded in deep relationships with other countries, conforming to international norms and having normal and stable relationships with other countries is also an imperative,” the letter said.

“Donald Trump and the vagaries of his actions and policies threaten this stability and the US’s standing in the world.”

The signatories also praised President Joe Biden’s record on the economy, including a “remarkably strong and equitable” recovery in the labour market since the COVID-19 pandemic.