Election night is only two weeks away and both parties are scrambling to pander to American’s hearts—which just so happens to often be their wallets. Personal finances and the larger economy remain top of mind for voters, and Democratic candidate Kamala Harris just received a valuable endorsement in that regard.
A group of 23 Nobel Prize–winning economists released a petition this Wednesday championing Harris’s proposed agenda as better for the economy than Republican candidate Donald Trump’s.
The signatories—who make up more than half of the prestigious prize’s living recipients in the U.S.—said they support Harris’s candidacy because she “would be a far better steward of our economy than Donald Trump.”
“While each of us has different views on the particulars of various economic policies, we believe that, overall, Harris’s economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness and be vastly superior to the counterproductive economic agenda of Donald Trump,” they wrote, in the letter obtained first by CNN.
Of course, neither candidate has fully laid out an economic program yet. Still, the economists insisted they have a “clear picture” of what could be to come thanks to the two politicians’ previous actions, policies, and practices.
“Simply put, Harris’s policies will result in a stronger economic performance, with economic growth that is more robust, more sustainable, and more equitable,” they concluded.
Trump’s weaknesses and Harris’ strengths
Signatories take issue with Trump’s proposal of high tariffs and “regressive tax cuts for corporations and individuals,” explaining that these moves will result in “higher prices, larger deficits, and greater inequality.”
Trump once deemed himself “a Tariff Man” on Twitter—a name that could backfire. His proposed tariffs could increase costs for American households by $2,500 to $3,000 every year, Adam Hersh, a senior economist at nonpartisan advocacy group EPI Action, told NBC.
Then there’s chaos—or even the threat of chaos, which also impacts the larger economy. And Trump’s administration could represent such havoc. “Among the most important determinants of economic success are the rule of law and economic and political certainty, and Trump threatens all of these,” the world-leading economists cautioned in the petition.
Meanwhile, they praised Harris for her policies that could “strengthen the middle class, enhance competition, and promote entrepreneurship.” Her proposals “will result in a stronger economic performance, with economic growth that is more robust, more sustainable, and more equitable,” they added.
This isn’t the first time Nobel Prize winners have weighed in on the 2024 presidential election. Joseph Stiglitz, who won the award in 2001, led this petition as well as another one published in June.
The last letter, signed by 16 economists, warned of potential reignited inflation under Trump. Since then, candidates have changed on the Democratic side, more information has been collated by both parties, and more economists have won Nobels, making the list of Harris supporters longer.
Two of the three most recent scholars to be awarded the Nobel Prize joined the cause this time around.
Why it matters
In what has been projected by many to be an extremely close race, a sound economic plan remains crucial for candidates looking to clinch the vote.
The economy carries more weight than in recent election cycles, according to Gallup’s recent poll of 941 registered voters. A whopping 52% say the candidate's stance on the economy is an "extremely important" influence on who they vote for, the highest it's been since the Great Recession.
In fact, it’s now rated as the number-one issue—out of 22 other listed issues. One thing people can agree on is that the economy isn’t where they want it to be. Around seven in 10 Americans say that the country is going in the wrong direction, according to a survey of voters by the Associated Press–NORC Center for Public Affairs Research. While 38% say the national economy is going well, a greater 62% say it’s in poor shape.
Still, true to character, Americans are divided on who is the best candidate to assuage their concerns. Of course, the candidate from the party already in power often has a steeper hill to climb than the challenger. That being said, 44% of registered voters favored Trump on the economy compared to 43% for Harris, according to a poll from the FT and the University of Michigan Ross School of Business. The verdict is still out, but if you go with the Nobel Prize vote—Harris is your winner.
