Thursday, November 03, 2016

Economists Against Trump

No One Cares What Economists Say About Trump
This week, there have been not one, but two open letters by some of the most eminent economists in the U.S., urging the American public not to vote for Donald Trump. One letter, published in the Wall Street Journal, was signed by 370 economists, including eight Nobel prize winners. It slams Trump for questioning the accuracy of economic data, for attacking free trade and immigration, for getting facts wrong and for having misguided policy proposals on a variety of fronts. The second letter is by Nobel laureates only -- 19 of them. They write:

Donald Trump…offers an incoherent economic agenda. His reckless threats to start trade wars with several of our largest trading partners, his plan to deport millions of immigrants, his trillions of dollars of unfunded tax cuts, his casual suggestion that the United States could threaten default on its debt in order to renegotiate with our creditors as if Treasuries were a junk bond—each of these proposals could jeopardize the foundations of American prosperity and the global economy.

economists lost respect when they failed to foresee the financial crisis. This is true -- almost no popular academic models of recessions even admitted the possibility of something like 2008 happening.

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