With just weeks remaining before the 2024 presidential election, Vice President Kamala Harris has received notable support from elite economic experts. Twenty-three Nobel Prize-winning economists have publicly endorsed her economic agenda, labeling it "vastly superior" to former President Donald Trump's policies. This endorsement could play a significant role as voters increasingly name economic issues as their top concern.
The open letter from these economists was reported earlier this week, emphasizing their belief in the potential for stronger and more equitable growth under Harris’s proposed policies. According to the letter, "Harris' policies will result in stronger economic performance, with economic growth more ambitious, sustainable, and just,” showcasing the shared conviction of the laureates.
The economic experts, including some of the most respected figures like Joseph Stiglitz, who led the letter, claim Harris's plan could improve various aspects of the economy including health, investment, sustainability, and employment. On the contrary, they assert Trump's conventional strategies are likely to lead to inflation, soaring deficits, and increased income disparities.
Harris’s approach focuses on what she calls the "opportunity economy." Central to her campaign are measures aimed at revitalizing small businesses, reducing inflation, providing incentives for first-time homebuyers, and combating price gouging. This proactive vision starkly contrasts with Trump's historical reliance on tariff-heavy policies which many economists view as detrimental.
The letter highlights the potential negative effects of Trump’s economic agenda, asserting it could fuel inflation and lead to larger-than-necessary federal deficits. "High tariffs on imports and regressive tax cuts for corporations and the wealthy threaten to squeeze the middle class," they argue.
Since her entrance as the Democratic nominee, Harris has rallied support, especially as President Joe Biden has opted to focus on his administration's policies rather than promote his own candidacy. Not only this, but the endorsement aims to strengthen her position just before the election, as economic issues, particularly inflation, continue to upfront voter priorities.
Stiglitz has not only been proactive about Harris’s bid; he also initiated another letter back in June where economists called upon voters to take heed of the inflationary threats posed by another Trump administration. "The rule of law and political certainty are fundamental components of economic success, both of which Trump jeopardizes," the economists noted.
The 23 Nobel laureates represent over half of the living U.S. holders of the prize and included recent laureates such as Simon Johnson from the Massachusetts Institute of Technology and Daron Acemoglu. Their varied expertise ranges from macroeconomic stability to social equity, underpinning the multifaceted nature of Harris's economic plan.
Despite these endorsements, Trump’s camp has historically dismissed critiques from the economics community, previously branding the opinions of winning economists as "worthless" and "out of touch." His proposal includes ambitious tax cuts and plans to eliminate taxes on specific income types, raising concerns among analysts who predict they could collectively cost trillions of dollars.
Harris’s policy blueprint stands at 82 pages, outlining comprehensive strategies to bolster economic growth, including expansions to the child care tax credit and heightened federal investments in affordable housing. By comparison, Trump's economic agenda appears to favor regressive mechanisms likely to drive up costs for American families.
While both candidates have yet to finalize specific outlines for their respective agendas, the noticeable gap in economic philosophy suggests a clear distinction for voters to assess. The Nobel experts aim to remind the public of these choices, signaling what they see as the path toward equitable growth and stability.
Given the evident rise of Harris’s economic plan, this endorsement could serve as both reinforcement of her stance toward middle-class Americans and as effective campaign ammunition as she navigates the election against Trump.
The endorsement's thrust is clear: voters should take note of where each candidate stands on the most pressing issues of the day. With the economists voicing confidence in Harris’s approach, the coming weeks will undoubtedly shape perceptions around her economic vision leading to the November 5 election.
