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Trump Would Make America’s Inflation Crisis Worse, 16 Nobel Economists Warn

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In today’s economy, inflation is the public enemy number one. Americans are fed up with the high cost of living, and former President Donald Trump promises to assist.

However, 16 Nobel Prize-winning economists warn that Trump’s policies will not only fail to address inflation but will exacerbate the problem.

“We, the undersigned, are deeply concerned about the risks of a second Trump administration for the US economy,” the economists said in their Tuesday letter, which Axios first reported.

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Trump | CNN Image

Trump Would Make America’s Inflation Crisis Worse, 16 Nobel Economists Warn

The letter, spearheaded by renowned economist Joseph Stiglitz, stated that there are legitimate concerns that Trump’s plan may “reignite” inflation.

The academics specifically point to Trump’s “fiscally irresponsible budgets” and nonpartisan studies from the Peterson Institute, Oxford Economics, and Allianz, which conclude that the Trump program, if implemented, will boost inflation.

According to the Committee for a Responsible Federal Budget, Trump has approved $8.4 trillion in new 10-year borrowing during his term, about twice as much as President Joe Biden has thus far.

Not only does Trump want to extend his 2017 tax cuts, which the Congressional Budget Office estimates will cost over $5 trillion, but the former president also told CEOs in a closed-door meeting that he wants to lower corporate tax rates even further.

However, lowering taxes risks speeding up an economy at a time when the Federal Reserve is working hard to slow it down to combat inflation.

“The outcome of this election will have economic repercussions for years, if not decades,” the economists wrote in their letter. “We believe that a second Trump term would have a negative impact on the US’s economic standing in the world and a destabilizing effect on the US’s domestic economy.”

The Stiglitz-led letter did not directly mention Trump’s trade or immigration plans, but several mainstream economists worry they will also be inflationary.

Trump has asked for higher tariffs on China and all other trading partners, which Moody’s Analytics predicts will destroy jobs and increase inflation. Trump claims that tariffs will save jobs while punishing China for trade abuses that both parties are fed up with.

Biden has maintained the vast majority of Trump-era tariffs while recently lifting some tariffs on China but in a more targeted manner.

Some economists also fear that Trump’s intentions to undertake an immigration crackdown, including record deportations, will overheat the labor market and raise consumer prices.

In their letter, the 16 Nobel laureates expressed concern about the rule of law and stability if Trump is elected president again.

“Among the most important determinants of economics success are the rule of law and economic and policy certainty,” according to the letter. “Donald Trump and the vagaries of his action and policies threaten this stability and the US’s standing in the world.”

Beyond Stiglitz, the letter was signed by Robert Shiller, who notably predicted the mid-2000s housing bubble, Paul Romer, former World Bank head economist, and George Akerlof, the husband of US Treasury Secretary Janet Yellen.

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Trump | CNN Image

Trump Would Make America’s Inflation Crisis Worse, 16 Nobel Economists Warn

Economists, on the other hand, praised Biden’s economic efforts, stating that his substantial investments in infrastructure, manufacturing, and climate will reduce long-term inflationary pressures and facilitate the transition to sustainable energy.

“While each of us has different views on the particulars of various economic policies,” the letter’s authors said, “we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump’s.”

In response, Trump’s team slammed economists and blamed Biden for soaring inflation.

“The American people don’t need worthless out-of-touch Nobel Prize winners to tell them which president put more money in their pockets,” Karoline Leavitt, the Trump campaign’s national press secretary, said CNN. “Americans know we cannot afford four more years of Bidenomics, and when President Trump is back in the White House, he will reimplement his pro-growth, pro-energy, pro-jobs agenda to bring down the cost of living and uplift all Americans.”

To be sure, both economists and Nobel Prize recipients have a crystal ball.

And voters give Trump stronger scores for the economy.

According to CNN’s Harry Enten, the average of surveys shows that Trump is leading Biden by 18 points in inflation and 13 points in the economy.

In a May ABC News/Ipsos poll, more than 80% of respondents said the economy and inflation were major factors in their vote, with Trump leading Biden by 14 points on both subjects.

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Trump | CNN Image

Trump Would Make America’s Inflation Crisis Worse, 16 Nobel Economists Warn

Voters have expressed worries about Biden’s economic policies. In a late April CNN poll, only 34% of Americans supported Biden’s economic policy, and even fewer (29%) supported Biden’s stance on inflation.

However, other analysts are concerned about what Trump’s ideas may imply for the economy.

Last week, Moody’s Analytics warned that if Republicans win power in November, a toxic combination of higher tariffs, fewer immigrants, and tax cut-fueled stimulus will force inflation to reaccelerate, unemployment to rise beyond 5%, and the US economy to enter a recession.

In contrast, Moody’s discovered that if Biden wins and Congress is divided, the Fed will decrease interest rates, inflation will return to normal, and the US economy will avoid a recession.

SOURCE – (CNN)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Heat Waves are Getting More Dangerous in Europe for Tourists

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Heat Waves are Getting More Dangerous in Europe for Tourists

Mary Beth Walsh believed she was used to hot weather as she grew up in Texas. Heat waves are common in her hometown of Dallas, which is now experiencing intense heat waves.

However, the 21-year-old was taken aback by the “unbearable” 98 Fahrenheit (37 Celsius) heat waves she experienced when she traveled to Athens with her companions in mid-June. She told CNN, “It was pretty surprising because I had no idea about the heat waves that were going on until we were there.”

“I always joke around that in August (in the US), I bring my sweatshirt to class because I have such a high heat tolerance,” she said. However, she was living in an apartment without air conditioning, and it was too hot during the day to explore the city. “We didn’t have as much energy as we had anticipated,” she said.

Walking in the intense heat waves felt pretty awful.” Many visitors are aware that Europe will soon experience scorching summers due to the climate problem. According to analysts, record heat waves and wildfires in 2023 caused a decline in interest in travel to the hotter Mediterranean countries, while interest in more moderate places increased.

This trend northward might be exacerbated by recent heat-related fatalities and disappearances in Greece, such as the British TV personality Michael Mosley’s. These events have an impact on travel plans.

Southern European nations, many of which depend on tourism to support their economies, are beginning to face more challenges regarding the travel industry’s and travelers’ ability to adjust to the increasing effects of climate change.

Night Shift

The recent high temperatures have pushed the climate catastrophe to the forefront for several European visitors. “The climate disaster that we had feared would occur in 10 or 15 years has already occurred in certain regions. That’s the terrifying bit,” Roo Clark, 28, of Suffolk, eastern England, told CNN while visiting with his girlfriend on the Greek island of Skyros.

“Five years ago, me and my friends wouldn’t have even spoken about it (climate change), whereas now it’s more of a conversation.” Authorities in Greece have frequently advised visitors not to underestimate the severe heat waves, particularly during the middle of the day. Hiking in hot temperatures has been a common thread connecting recent tragedies nationwide.

According to CNN meteorologists, temperatures in Greece are expected to range from 90 to 95 degrees Fahrenheit (low to mid-30s Celsius) during the next several weeks, a few degrees above the summer norm. However, rain is predicted for one or two days, which will bring temperatures down.

The owner of Greece’s biggest outdoor-focused travel business, Stefanos Sidiropoulos, advised travelers not to dive right into activities. It’s more challenging for those traveling from Canada or northern Europe, which have colder climates. They need time to get used to these circumstances,” he said to CNN.

Trekking Hellas, Sidiropoulos’ vacation firm, now offers some activities during lower temperatures, including dawn and dusk. “Or with torches at night,” he continues.

Infatuated with travel

Certain nations that rely on tourism-related revenue would suffer greatly from climate change’s impact on where visitors choose to holiday. According to the World Travel and Tourism Council, Greece’s tourism industry makes up around 20% of the nation’s total GDP, or over 38 billion euros ($41 billion).

In Italy, where the highest degree of warning, level three heat warnings, has just been issued for the cities of Rome, Perugia, and Palermo, according to current data, 10% of the nation’s GDP is attributed to tourism, with one in every eight jobs related to the sector.

Following Europe’s 2023 summer heat wave, which forced thousands to flee wildfires on the Greek island of Rhodes, the European Travel Commission (ETC), a nonprofit organization in charge of promoting Europe as a travel destination, reported a 7% increase in expressions of concern about climate change among European travelers.

According to ETC, this followed a drop in interest in southern Mediterranean holiday spots during the summers of 2022 and 2023, as colder places such as the Czech Republic, Bulgaria, and Denmark became more enticing.

“Travelers are increasingly aware of extreme weather events and their potential impact on their vacations,” Eduardo Santander, CEO of ETC, told CNN, adding that in the future, this could lead to more travelers visiting southern Europe in the spring and late fall rather than the hotter summer months.

Santander said that visitor fears over climate change are often short-lived. “Travelers are concerned after the summer but tend to forget about those events when booking their next holidays in the spring,” he told me.

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Eddie Murphy Is Still Stung By That David Spade Joke On ‘Saturday Night Live’

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Eddie Murphy is thinking back on some of the perceived “cheap shots” he has taken throughout the years.

In an interview with the latest York Times, the Oscar-nominated actor and comedian—whose latest movie, “Beverly Hills Cop: Axel F,” releases on Netflix next week—was asked if he felt he had been treated unfairly by the media and his peers over the years.

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Murphy | CNN Image

Eddie Murphy Is Still Stung By That David Spade Joke On ‘Saturday Night Live’

“They used to be so hard on me back in the day, and a lot of it was racist stuff,” Murphy remarked.

Murphy began by describing how growing up in the 1980s “was a whole different world” and then mentioned an incident in which “David Spade said that s––t about my career on ‘SNL.'”

The aforementioned clip, which aired in December 1995 as part of Spade’s “Hollywood Minute” year-in-review, featured a photo of Murphy with the caption, “Look, kids, it’s a falling star.” Form a wish. Murphy revealed to the Times that the joke was inspired by his picture “Vampire in Brooklyn,” which had a disastrous box office run.

“I thought, ‘Hey, this is in-house!'” You’re f-–king with me like that, and I’m part of the family? That kind of damaged my sentiments,” Murphy remarked.

Eddie Murphy Is Still Stung By That David Spade Joke On ‘Saturday Night Live’

As a member of the core cast of “SNL,” he became well-known between 1980 and 1984. He is frequently credited with keeping the show on the air at one point.

“The producers felt that statement could be made. Among all the guests on that program, you have never heard somebody make light of another person’s career. The majority of those that leave that program don’t go on to have these incredible careers. It was intimate,” Murphy clarified afterward. “I thought, ‘Hey, how could you do that?'” My profession? Really? A joke about my work? That seemed like a cheap shot to me. Additionally, I felt that it was quite racist.

Later, Spade wrote about feeling terrible about his “stupid joke” and getting a call from an irate Murphy following the skit.

Spade wrote, “I’ve come to see Eddie’s point on this one.” In show business, everyone wants to be liked by others. It’s how you gain followers. However, when you are reamed in a drawing, on the internet, or in any other way, that stinks. And the sum can mount up rapidly.

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Murphy | CNN Image

Eddie Murphy Is Still Stung By That David Spade Joke On ‘Saturday Night Live’

Murphy has largely avoided the long-running NBC sketch show over the years, though he did make a cameo in the 2015 “SNL” 40th anniversary special and made a big comeback as a host in 2019.

“In the end, everything turned out well. Both David Spade and Lorne Michaels are OK to me. This week, Murphy said, “I returned to SNL.” “Love is everything… nevertheless, I took a few shoddy photographs!”

SOURCE – CNN

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Thailand Hopes to Win Medals at the Paris Olympics in 5 Different Sports

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Thailand Hopes to Win Medals at the Paris Olympics in 5 Different Sports

Thailand hopes to win medals in the 2024 Olympic Games in Paris, France, from July 26 to August 11, in taekwondo, boxing, weightlifting, golf, and badminton.

Thailand’s Olympic chef de mission, Thana Chaiprasit, said at the third and last “Meet the Press” event in Bangkok on Friday that her country had high hopes for Panipak “Tennis” Wongpattanakit, the world’s top-ranked taekwondo competitor in the women’s 49 kg division.

He continued by saying that because the Thai boxing squad has earned slots in eight weight classes this year, amateur fighters from Thailand need to win at least two medals in the Olympics.

He said, “We could also win medals in badminton and golf.”

Thailand is hopeful of landing medals in five sports at Paris Olympics

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During a previous press event at the Thai Amateur Weightlifting Association, Thana had previously voiced optimism that Thai weightlifters would be able to win several medals in the Paris Olympics.

Thana said that Prime Minister Srettha Thavisin has announced that every Olympic medalist will be given a bonus. “He [Srettha] also promised to overhaul the administration of the National Sports Development Fund in order to guarantee that all national athletes are compensated appropriately.”

On Friday, seven different sports organizations participated in the press event. The following is a list of the goals that they have set for themselves for the 2024 Olympic Games: boxing: two medals; golf: at least one medal; water sports: round of 16; judo: round of 16; table tennis: round of 16; sailing: top 25; track and field: Puripol Boonson making it through the first round heats in the men’s 100-meter sprint.

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