Sixteen Nobel prize-winning economists are jumping into the presidential campaign with a stark warning: Former President Trump’s plans would reignite inflation and cause lasting harm to the global economy if he wins in November.
“We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world, and a destabilizing effect on the U.S.'s domestic economy,” the economists write in the letter.
“Many Americans are concerned about inflation, which has come down remarkably fast. There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets,” they write.
I tried to look for something like this happening before and don’t see anything. Maybe it’s my bad searching skills, but this is definitely not great for Trump’s plans. Not certain how convincing it is politically though.
Imo it could hurt him enough that he doesn’t win the election, if only because business leaders do pay attention to economists and they definitely do not want another round of inflation to happen so quickly after this last one.
The closest I could think about was Economists speaking out about Reaganomics. I also couldn’t find anything exactly like this, however I did find Bush Sr. Calling it voodoo economics and Democrats actually are credited in some cases as calling it Trickle Down economics as a negative. Even Gerald Ford attacked it, which is something coming from the guy who pardoned Nixon.
I found some criticism from Martin Feldstein in 1986 about the strength of supply side economics and some “extremists”, though that was after the fact.