16 Nobel prize-winning economists see a Trump inflation bomb

gedaliyah@lemmy.worldmod to News@lemmy.world – 155 points –
axios.com

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.

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As I’ve understood it ; RESERVING the right to be wrong, raising tariffs was ONE of the factors leading to the Great Depression…

So yeah I’m sure that’ll work out fine this time.

You are correct- https://www.investopedia.com/terms/s/smoot-hawley-tariff-act.asp

Also-

Prior to signing the Act, more than 1,000 economists urged President Hoover to veto it.

Economics Teacher: In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the... Anyone? Anyone?... the Great Depression, passed the... Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act? Which, anyone? Raised or lowered?... raised tariffs, in an effort to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression. Today we have a similar debate over this. Anyone know what this is? Class? Anyone? Anyone? Anyone seen this before? The Laffer Curve. Anyone know what this says? It says that at this point on the revenue curve, you will get exactly the same amount of revenue as at this point. This is very controversial. Does anyone know what Vice President Bush called this in 1980? Anyone? Something-d-o-o economics. "Voodoo" economics.

Lol this was funny AND educational! Although reading it as comment instead of being stuck in that actual class probably helped.