Trump’s promises would spike inflation and wipe out jobs, study finds
CNN
Trump’s promises would spike inflation and wipe out jobs, study finds
Former President Donald Trump has promised to attack the United States affordability crisis by imposing immense tariffs, carrying out unprecedented deportations and even influencing interest rate decisions. However, a new analysis finds that the Republican presidential nominee’s plans for tariffs, deportations and the Federal Reserve would not only fail to solve inflation – they would make it much worse. The Trump agenda would cause weaker economic growth, higher inflation and lower employment, according to a working paper released Thursday by the Peterson Institute for International Economics. In some cases, the damage could continue through 2040. “We find that ironically, despite his ‘make the foreigners pay’ rhetoric, this package of policies does more damage to the US economy than to any other in the world,” the Peterson Institute working paper from researchers Warwick McKibbin, Megan Hogan and Marcus Noland concluded. The paper represents the most comprehensive analysis to date on the combined impact of Trump’s trade, immigration and Fed proposals. The findings are stark.
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