Nobel Prize winner in economics Stiglitz warns of the USA under Trump - The worst of all worlds threatens the USA under Trump

Nobel Prize winner in economics Stiglitz warns of the USA under Trump - The worst of all worlds threatens the USA under Trump dts news agency - November 4, 2024, 5:01 a.m. - Last updated: November 4, 2024, 5:01 a.m. The Nobel Prize winner in economics Joseph Stiglitz warns of the effects of a second presidency for Donald Trump. "Another term for Trump would be a disaster, not only in economic terms," ​​he told the "Tagesspiegel" (Monday edition). He believes Trump's economic agenda is counterproductive. Stiglitz criticizes the high tariffs and the "problematic tax cuts" that Trump has announced. This policy will lead to prices rising in the USA, the deficit increasing and inequality growing. "The USA is threatened with the worst of all worlds under Trump, because the effects reinforce each other," said the economist. The agenda of the Democratic presidential candidate Kamala Harris, on the other hand, would increase the economic power and prosperity of the USA, explained Stiglitz. "Harris stands for a policy that strengthens the middle class, promotes competition and supports entrepreneurship." "When I look back over the last few decades, Biden is the president who has been economically most successful for me," said Stiglitz, who was economic advisor to former President Bill Clinton during his term in office. Inflation has fallen significantly under Biden and unemployment has fallen since he took office. Employment has developed positively, new hires have increased and there has been significant wage growth. Stiglitz also explained that there are surveys in which a majority of respondents say Trump has greater economic competence than Biden and Harris by saying that many voters are trying to rationalize their preference for Trump. "People who support Trump for identity reasons, i.e. in connection with racist or sexist prejudices, would of course never openly admit this," said Stiglitz. Therefore, they say that Trump is better for the economy. Many Americans have already forgotten the chaos of the first Trump presidency. "Voters' memories are short," said the economist. "Trump's record was not exactly impressive." The growth that occurred under Trump was merely a continuation of the recovery that began under Obama.