Thumbs down on Trumponomics from Nobel-winning economists

❝ A pack of Nobel Prize-winning economists gave Donald Trump and his policy plans the thumbs-down on Friday, with one saying the president-elect’s programs could lead to a deep recession.

Speaking on a panel during the first day of the annual American Economic Association meeting in Chicago, the Nobel laureates voiced a variety of concerns about the billionaire developer’s stance, from his haranguing of U.S. companies about their outsourcing plans to the risk that his tax and spending proposals could lead to run-away budget deficits.

“There is a broad consensus that the kind of policies that our president-elect has proposed are among the polices that will not work,” said Joseph Stiglitz, summing up the views of the panel that included his fellow Columbia University professor Edmund Phelps and Yale University’s Robert Shiller…

❝ …While other presidents have run big budget deficits in the past, they depended on foreign purchases of U.S. debt to do so.

With Trump threatening to renegotiate U.S. trade agreements and shift to an “America First” policy, the willingness of foreigners to keep buying U.S. government securities can’t be taken for granted, University of Chicago’s Roger Myerson said.

America’s interaction with other countries “has to be based on confidence and trust,” Stiglitz said.

The world view of the United States – right now – wavers between contemptuous laughter and risk-based angst. In my mind, quite justifiably.

2 thoughts on “Thumbs down on Trumponomics from Nobel-winning economists

  1. Let's Pretend says:

    “One long-past innocent day, in my prefolly youth, I came upon a statement in an undistinguished textbook on psychiatry that, as when Kant read Hume, woke me forever from my garden-of-eden slumber. “The psychotic does not merely think he sees four blue bivalves with floppy wings wandering up the wall; he does see them. An hallucination is not, strictly speaking, manufactured in the brain; it is received by the brain, like any ‘real’ sense datum, and the patient act in response to this to-him-very-real perception of reality in as logical a way as we do to our sense data. In any way to suppose he only ‘thinks he sees it’ is to misunderstand totally the experience of psychosis.” Phillip K. Dick, “Drugs, Hallucinations, and the Quest for Reality” (1964) http://assets.atlasobscura.com/article_images/23806/image.jpg

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