Prominent economist Justin Wolfers expressed concerns about the potential “inflationary impact” of former President Donald Trump‘s economic policies.
What Happened: On Friday, Wolfers took to X to voice his apprehensions about the inflationary effects of Trump’s economic program.
He wrote, “Senator, it is so important that you note that inflation is not over, particularly in light of what I learned from taking a careful look at the likely inflationary impact of Trump’s economic program.”
In an interview with CNN, he emphasized that policies like tariffs could have an inflationary impact, reduce local competition from China, and potentially undermine the Federal Reserve’s role.
Wolfers’ remarks were in response to a post by JD Vance, Trump’s running mate, who suggested that inflation is not over and that electing Trump would “bring back affordable groceries and housing.”
These comments by Wolfers come in the wake of a previous statement where he criticized the potential economic team under Trump, calling it the “least impressive” in history. He expressed skepticism about the competency of Trump’s economic team and the potential impact of his policies if he were to be re-elected.
Why It Matters: A group of 16 Nobel Prize-winning economists issued a letter warning that Trump’s re-election could reignite inflation. They highlighted concerns about Trump’s plans to make his first-term tax cuts permanent and impose universal tariffs on all imports. The economists collectively agreed that President Joe Biden’s economic agenda was “vastly superior” to Trump’s.
Meanwhile, Robert Kiyosaki, author of Rich Dad Poor Dad, referred to Trump as a “genius with money.” Kiyosaki’s remarks highlight the contrasting views on Trump’s financial expertise and economic policies.
As the 2024 election approaches, Vice President Kamala Harris leads Trump in recent polls, showing strength among independent and young voters.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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