Abhijit Banerjee among 23 economists who backed Kamala Harris over Donald Trump – Times of India

Twenty-three Nobel Prize-winning economists endorsed the vice president on Wednesday Kamala Harris over former President Donald Trump for the upcoming US presidential election.
In a joint letter, the economists said Trump’s plan to impose hardline tariff proposals and a set of aggressive tax cutswould “lead to higher prices, larger deficits and greater inequality.”
“Simply put, Harris’ policies will lead to stronger economic outcomes, with economic growth that is stronger, more sustainable and fairer,” the letter said.
According to a CNN report, Joseph Stiglitz, who won a Nobel Prize for his research on market economics in 2001, is leading the joint support.
Stiglitz previously led a campaign to support President Joe Biden in June, publishing a letter signed by 16 Nobel laureates.
This came just two days before the presidential debate between Biden and Trump that ultimately derailed his re-election bid
Other supporting Nobel Laureates include Darren Acemoglu, George Akerlof, Abhijit Banerjee, Sir Angus Deaton, Peter Diamond, Douglas Diamond, Esther Duflo, Robert Engle III, Claudia Goldin, Sir Oliver Hart, Guido Imbens, Simon Johnson, Eric Maskin, Daniel McFadden , Robert Merton, Roger Myerson, William Nordhaus, Edmund Phelps, Paul Romer, Alvin Roth, Robert Schiller, and Richard Thaler.
Trump proposed a comprehensive tariff strategy targeting all imported goods, with a particular focus on Chinese products, which would be subject to extremely high rates. According to Wall Street analysts and economists, this approach risks rekindling inflationary pressures.
In addition, the GOP presidential candidate has proposed eliminating income taxes on tips, Social Security and overtime pay.
In general, experts believe that Trump’s budget plan will expand federal deficits five times more than Harris’ proposals, according to Penn Wharton’s nonpartisan budget model.
In contrast, Kamala Harris laid out her economic vision in a detailed 82-page policy document. The plan outlines her intentions to increase the childcare tax credit, invest heavily in affordable housing, increase tax breaks for small business owners and raise taxes on corporations and high earners.