most economists investigator wall street journal former president says Donald Trumppolicies are more likely to reignite inflation President Joe BidenYes.
Of the 50 economists who answered the following questions trump card and Biden In the survey, 28 of them said plans proposed by Republicans risked a return to high inflation levels more than plans proposed by incumbent Democrats.
Eight economists polled by The Wall Street Journal said inflation would be worse under Biden than under Trump. Another 14 said the differences between the two agendas were negligible.
Economists and Wall Street analysts say Trump’s tough tariff proposal – a 10% tariff on all imports, plus 60% to 100% tariffs on China – could increase producer costs, leading to Consumer prices rise.
Trump also hopes to crack down on immigration, which could cut off the source of immigrant workers who have boosted the strong U.S. labor market without reigniting inflation.
Meanwhile, several economists who see Biden as a bigger inflation threat have cited massive spending plans.
Still, 51% of economists polled by The Wall Street Journal estimated that the federal deficit would rise further under Trump, who has proposed making his first-term tax cuts permanent. Meanwhile, 22% of economists said the same about Biden, in part because Democratic support for government spending is at an all-time high.
The Biden campaign has begun promoting the new investigation in support of Biden’s re-election.
Biden-Harris 2024 spokesperson Sarafina Chitika said, “While inflation is falling and manufacturing is booming under President Biden, experts are debating Trump’s policies. A clear warning of what the agenda may bring”.
The Trump campaign did not respond to CNBC’s request for comment on the investigation.
The survey released Thursday adds to a growing list of economists that includes 16 winners Nobel Prize Ph.D.s in economics, who have previously called attention to what they see as the inflationary dangers of a second Trump term.
The survey was conducted between July 5 and 9 and released on the second day of the monthly survey. consumer price index Data showed that inflation fell by 0.1% quarterly in June.
It’s the first time in more than four years that the consumer price index has fallen on a monthly basis, an optimistic sign for the U.S. economy, which has been struggling to recover from extremely high inflation in the wake of the Covid-19 pandemic.
The survey also comes as Biden’s political future hangs in the balance. Democratic PartyThe presidential election remains in doubt.
Because his body was so frail debate June vs. Trump performance, growing number of Democrats capitol hillinside donor class and some voters poll said they believed the president should drop out of the race and the party should choose a new nominee.
Biden has so far resisted pressure to withdraw, defiantly promising to stay in the race and trying to shift the conversation back to Trump.
on a high stakes thursday press conferenceBiden raised familiar red flags about Trump’s economic agenda, which includes tough broad-based tariffs, an extension of tax cuts and pressure on the Federal Reserve to cut interest rates.
A new survey of economists on Friday appeared to support Biden’s argument. But many economists point out that the president may have less power over the economy than any candidate is willing to admit.
Rather, the health of the economy can be largely attributed to a range of policies and decisions by the President, Congress, independent government agencies, and the Federal Reserve, as well as external forces beyond anyone’s control.
